After reporting their first-quarter production and sales figures, auto stocks were in focus today. 🚗
Top global automakers reported a rise in U.S. sales on improving shipments to dealers. The one exception was Toyota Motor Corp, which continues to struggle with parts shortages.
General Motors, which replaced Toyota as the top U.S. automaker last year, posted a 17.6% rise in Q1 auto sales to roughly 600,000 vehicles. Sales of the Chevy Silverado and GMC Sierra full-size pickups rose 9% YoY, driven by a 38% rise in commercial fleet sales. 👑
GM’s North American chief said that the company gained significant market share, experienced strong pricing, has good inventory levels, and sold more than 20,000 EVs in a single quarter for the first time. In addition, it expects to build 50,000 EVs in the first half of 2023 and double that in the second half. 📈
Tesla came under pressure today despite posting a 4% QoQ and 36% YoY rise in deliveries to 422,875 vehicles. Total production was 20,000 higher at nearly 441,00 vehicles, causing investors to question whether demand for the company’s vehicles is slowing significantly. Margin pressure is also a concern as Tesla cut prices aggressively in recent months to help spur demand. 😟
Meanwhile, Rivian missed its goal by producing 9,395 vehicles in the quarter and delivering 7,946. Supply chain issues remain a key concern for the company, forcing it to cut back production targets during 2022. However, despite the slower-than-expected start, executives say the company is still on track to meet its 50,000-vehicle production goal for the year. 🔻
Chinese EV maker Li Auto delivered 52,584 vehicles in the first quarter, up 66% YoY. The company claims it has nearly 20% of the SUV market in the 300,000 to 500,000 yuan price range. Nio’s deliveries rose 20.5% YoY to 31,41. And Xpeng fared worse in the quarter, delivering just 18,230 cars, down about 47% YoY. ⚡
All of their numbers pale in comparison to BYD, which sold 264,647 battery-powered passenger cars in the first quarter, up 80% YoY. Hybrid passenger vehicles doubled YoY to 283,270. 🌏
Investors’ reaction to many of these numbers was muted. Only Tesla saw a significant move today, falling over 6%. Numbers from Ford and others are expected out in the coming days. 📝