Al Root

The Chinese electric-vehicle market continues to grow but that hasn't been helping Tesla all that much lately.

Chinese EV makers NIO, Li Auto, and XPeng reported vehicle deliveries for September on Wednesday. All were within company-provided guidance ranges.

NIO delivered 34,749 cars, up 64% year over year. For the third quarter, it delivered 87,071 vehicles, up 41% and within the 87,000 to 91,000 range the company provided in its second-quarter earnings report.

NIO's U.S.-listed American depositary receipts were up 1.3% in premarket trading, while the S&P 500 and Dow Jones Industrial Average futures each were off 0.5%.

Coming into Wednesday, NIO stock has risen 117% over the past three months. Investors have been encouraged by a rebound in sales growth.

Li Auto isn't growing sales right now. It delivered 33,951 vehicles in September, down 37% year over year. For the quarter, it delivered 93,211, in line with guidance, but down 39% year over year.

Li Auto's ADRs were up 1% in premarket trading. Over the past three months, ADRs have declined 6% coming into Wednesday.

XPeng has enjoyed the fastest growth recently. It delivered 41,581 cars in September, a monthly record for the company and up 95% year over year. For the quarter, XPeng delivered 116,007, in line with guidance and up almost 150% year over year.

XPeng's U.S.-listed shares ADRs were up 1.2% in premarket trading. Over the past three months, ADRs have gained about 28%.

Combined, the trio delivered 110,281 vehicles, up 15% year over year. Through September, the trio sold 811,566 vehicles, up 38% year over year.

Tesla doesn't report regional sales monthly, leaving investors to rely on industry data providers. Through August, it sold about 366,000 EVs in China, down about 6% year over year.

More EV competition and a lack of new models have hurt sales in the region. If Tesla sales don't pick up in the fourth quarter, the company will have its first annual sales decline in China ever.

That hasn't hurt Tesla stock much, though. Shares are valued at about $1.5 trillion, and the stock, coming into Wednesday, has risen about 10% this year.

Write to Al Root at allen.root@dowjones.com

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October 01, 2025 07:18 ET (11:18 GMT)

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