NIO, XPeng, and Li Auto Report May Deliveries: Chinese EV Stocks Rally on Mixed Results

Key Highlights

• NIO’s May deliveries reached 37,705 units, representing a 62% annual increase, fueled by fresh SUV models
• XPeng shipped 32,158 vehicles in May, showing a 4% monthly gain but a 4% yearly decline
• Li Auto’s May deliveries totaled 33,350 units, marking a 6% year-over-year drop
• The trio collectively shipped 103,213 vehicles during May, reflecting a 6% annual uptick
• NIO shares climbed 6.7% while XPeng gained 6.2% in Monday’s overseas trading session

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China’s top three electric vehicle manufacturers unveiled their May delivery statistics on June 1, triggering stock price increases in international markets as traders interpreted the data as evidence of a rebound in the Chinese EV sector.

NIO emerged as the frontrunner, shipping 37,705 vehicles during May—marking a 62.3% surge compared to the previous year and a 28.4% increase from April’s figures. The automaker’s shares gained 6.7% and have now appreciated 61% over the trailing twelve-month period.

NIO Inc., NIO

The May delivery figures for NIO were distributed across its three brand portfolios: 20,013 vehicles under the NIO nameplate, 12,029 ONVO models, and 5,663 Firefly units. Through the first five months of the year, the company has delivered 150,526 vehicles, representing a 68.7% jump from the comparable period in 2025.

This expansion was primarily attributed to robust consumer appetite for the newly introduced ONVO L80 SUV alongside the ES8 model, which has maintained its position as the category’s best-selling vehicle for five consecutive months. NIO additionally introduced its ES9 executive SUV on May 27, with customer deliveries commencing immediately the following day.

For [[LINK_START_2]]NIO[[LINK_END_2]] to achieve its second-quarter delivery forecast of 112,500 vehicles, the manufacturer must ship approximately 45,000 units throughout June. Such a performance would translate to over 80% year-over-year expansion for that month.

XPeng Records Sequential Growth While Facing Annual Headwinds

XPeng distributed 32,158 vehicles in May, representing a 4% uptick from April but a 4% decline versus May 2025. Share prices advanced 6.2% in offshore trading, although the stock has depreciated 11% over the past year.

[[LINK_START_3]]XPeng[[LINK_END_3]]’s second-quarter projections target approximately 103,000 vehicles, indicating the manufacturer requires roughly 40,000 deliveries during June. This would constitute an approximate 15% year-over-year increase.

The manufacturer also highlighted that its electric vehicles delivered from January through May are projected to reduce lifecycle greenhouse gas emissions by over 2 million tons relative to traditional internal combustion engine automobiles.

Li Auto Trails Competitors as Deliveries Decline

Li Auto recorded the most subdued performance among the three companies, delivering 33,350 vehicles in May—a 2% sequential decrease from April and a 6% annual decline compared to May 2025. Its stock advanced only 1.2% in international trading and has fallen 48% over the past twelve months.

To fulfill its second-quarter target of approximately 97,500 vehicles, Li Auto requires around 30,000 deliveries in June. This projection would represent a 17% year-over-year contraction.

Broader Industry Perspective

Collectively, the three manufacturers delivered 103,213 vehicles in May, achieving a 6% annual growth rate. This performance emerges against a backdrop where China’s total new vehicle sales declined roughly 7% during the first quarter of 2026, based on analysis from Citi analyst Jeff Chung.

S&P 500 and Dow Jones futures registered gains of 0.3% and 0.5% respectively during Monday morning trading.