RIVN’s new R1T range, FSR expansion plans and more revealed
Electric car makers in China New Company New, XPeng XPEV and Lee Otto LI has released its delivery numbers for August 2023. While the Chinese economy is showing signs of weakness, the August delivery numbers for all three automakers saw a notable rise year-on-year.
Fisker company The FSR has made a lot of noise with a number of updates. The company is expanding its European presence by entering Belgium, the Netherlands and Switzerland. Deliveries in these markets will begin in late September. It also unveiled the affordable Fisker PEAR. Fisker, meanwhile, is prioritizing Canadian deliveries, setting up retail centers in Vancouver and Toronto and offering mobile service and financing through Scotiabank, with test drives scheduled for September.
finally, Rivian Cars RIVN also hit the top stories as it unveiled the range of its latest R1T dual-motor electric truck. Despite facing many challenges over the past two years since the electric vehicle’s debut, the company has shown resilience and progress by introducing its in-house electric drive design, the Enduro. In an effort to keep its costs low in a highly competitive industry, Rivian has adopted a vertical integration strategy, producing components in-house using its new dual drive.
While NIO currently carries a Zacks Rank #4 (Sell), LI, XPEV, FSR, and RIVN have a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The most important news of the past week
New It delivered 19,329 vehicles in August, a rocketing increase of 81% year-on-year. The deliveries included 12,015 luxury smart electric SUVs and 7,314 luxury smart electric sedans. but. Deliveries are down from the monthly record of 20,462 units achieved in July 2023. In the first eight months of 2023, NIO delivered 94,352 vehicles, reflecting a 31.9% year-on-year increase. As of August 31, 2023, NIO vehicle deliveries totaled 383,098.
Last week, the company also reported results for the second quarter of 2023. NIO had a loss per share of 51 cents, which was larger than the Zacks Consensus Estimate of a loss of 36 cents on top of last year’s loss of 25 cents. Revenue of $1.2 billion missed the Zacks Consensus Estimate of $1.35 billion and declined 14.8% year over year. During the quarter under review, NIO delivered 23,520 vehicles. For Q3 2023, NIO expects 55,000-57,000 vehicles to be delivered, indicating a 74-80.3% year-on-year increase. Revenue is expected to range between $2,606 million and $2,692 million, indicating a 45.3-50.1% improvement year over year.
XPeng The company announced deliveries of 13,690 smart electric vehicles per month in August, representing a 43% increase year-on-year. Deliveries also increased by 24% month-on-month. Notably, deliveries of XPeng’s G6 SUV exceeded 7,000 units in August, contributing to the delivery of over 11,000 G6 units. G6’s rapid increase in production was driven by effective supply chain management and manufacturing capabilities. It reached 10,000 units just 45 days after initial delivery.
XPeng is scheduled to make its debut at the Internationale Automobil-Ausstellung in Munich from September 4 to 10, where it will showcase the new XPENG G9 and P7 models and offer test drives to partners and visitors. XPeng remains committed to expanding its presence and advancing technology in the electric vehicle market. On August 27, XPEV announced a strategic partnership with DiDi Global to accelerate the adoption of electric vehicles and smart technologies. The company aims to launch a completely new electric car brand in 2024, which is currently being developed under the “MONA” project. The MONA project will be supported by DiDi from its mobility ecosystem. Through this partnership, the company will build highly popular smart EV models for the CNY 150,000 price range.
Lee Otto The company saw 34,914 vehicles delivered in August, representing a massive 663.8% year-on-year rise. What was particularly impressive was that each of the three Li L series models exceeded the 10,000 vehicle mark in monthly deliveries. As of August 31, Li Auto’s cumulative deliveries for 2023 reached an impressive 208,165 vehicles.
The Li L9 has maintained its best-seller status in the full-size SUV segment for 12 consecutive months, with more than 100,000 cumulative deliveries since its production line debut in August 2022. In addition, the Li L7 and Li L8 have consistently received First and second place respectively in the large SUV sales category. With 346 retail stores in 130 cities, along with 324 service centers and authorized body and paint shops operating in 220 cities as of August 31, 2023, Li Auto continues to strengthen its presence and service network across China, strengthening its position as a leader in the automotive industry. . The market for new energy vehicles is developing rapidly.
Rivian It has unveiled its new dual-motor R1T range, and it’s certainly impressive. This impressive number sets a high bar for an electric truck, and Rivian proudly calls it the “best of the bunch” in the lineup. The R1T’s range now extends to 410 miles. With the new dual-motor system, the R1T’s towing capacity increases to 11,000 pounds, while the R1S’s towing capacity reaches 7,700 pounds. Off-road, the Enduro delivers precise power distribution from front to rear. For speed enthusiasts, Rivian’s software-assisted dual-motor performance option propels the R1T and R1S from zero to 60 mph in just 3.5 seconds.
The Enduro drive unit integrates the gearbox, power inverter and motor, resulting in significant cost savings. With this, Rivian’s base model has seen a massive $8,000 price drop, making the R1T pickup and R1S crossover priced more competitively at $74,800 and $79,800, respectively. The Enduro engine is also expected to be the basis for Rivian’s upcoming R2 vehicle platform, targeting 2026. Which will venture into smaller, more budget-friendly vehicles.
Fisker It announced its launch in three European countries – Belgium, the Netherlands and Switzerland. Deliveries in these markets are expected to begin at the end of September. Customers can reserve Fisker vehicles via country-specific websites. The all-electric Fisker Ocean SUV is now available in Europe and the US, with other models, such as the affordable Fisker PEAR and the high-performance Fisker Ronin, in development.
The company announced that the price of the Fisker PEAR crossover will be $29,900. The car offers seating for five or six people and has an estimated range of 180-320 miles. PEAR showcases the Fisker Blade, an advanced high-performance on-board computer, for a connected digital experience. The production-specific PEAR will be on display at the Fisker Lounge Munich during IAA Mobility 2023. Fisker prioritizes sustainability by using recycled materials and aims to be carbon neutral by 2027.
Fisker aims to deliver most Canadian Fisker Ocean One SUVs by the end of September after certification by September 7. It plans retail and service centers in Vancouver and Toronto, offering mobile service and financing through Scotiabank. Test drives will be available in September.
Price performance
The following table shows the price movement of some of the major players in the electric vehicle space over the past week and the past six-month period.
Image source: Zacks Investment Research
What’s next in space?
Stay tuned for announcements on upcoming electric vehicle models and any important updates from the hot industry.
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