Mixed Performance in EV Stocks: NIO, XPEV, LI, TSLA, RIVN

Nov 21, 2024

Electric vehicle stocks showed mixed performance. Tesla (TSLA) and Rivian (RIVN) experienced slight gains, while NIO (NIO, Financial) fell over 1.2%, XPeng (XPEV) dropped more than 3.8%, and Li Auto (LI) decreased by 0.69%.

NIO released its financial results for the third quarter of 2024, reporting total revenue of 18.674 billion RMB, marking a 7.04% increase from the previous quarter. The company's gross profit reached 2.007 billion RMB, a year-over-year increase of 31.78%. Specifically, NIO's vehicle sales amounted to 16.6976 billion RMB (approximately 2.3794 billion USD), reflecting a 6.5% growth compared to the second quarter of 2024. The vehicle gross margin improved to 13.1%, up from 11.0% in the third quarter of 2023 and 12.2% in the second quarter of 2024.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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