BEIJING — Two of China’s U.S.-listed electrical automotive start-ups beat market expectations of their March deliveries, with each firms setting quarterly data.

Xpeng stated Thursday it delivered 5,102 vehicles in March, beating implied deliveries of 4,262 vehicles for that month. The corporate delivered a complete of 13,340 autos within the first quarter, topping its steerage of 12,500 for the interval.

Nio introduced deliveries of seven,257 autos in March, marking 20,060 vehicles for the primary three months of the yr — essentially the most for any quarter, in keeping with the corporate.

That falls inside Nio’s authentic first quarter steerage of 20,000 to twenty,500 autos. Nio had lowered the forecast last week to 19,500 cars after asserting a five-day manufacturing facility closure on account of a scarcity in semiconductors.

Shares of each firms rose greater than 1% throughout Thursday’s buying and selling session in New York. The shares stay in unfavorable territory for the yr to date, after surging in 2020.

Xpeng’s March deliveries had been roughly cut up between the corporate’s P7 sedan and G3 SUV. Amongst Nio’s three fashions — all SUVs — the corporate stated its five-seat ES6 noticed essentially the most demand with greater than 3,000 deliveries final month.

The supply beat is “a really optimistic indicator of the China EV market progress trajectory for the remainder of the yr,” Wedbush analysts Dan Ives and Strecker Backe wrote. Additionally they predict March was month for Tesla in China, and anticipate electrical car shares will climb 30% to 40% larger this yr.

Nevertheless, the start-ups’ report quarterly deliveries nonetheless pale as compared with Chinese language electrical car and battery producer BYD.

For the corporate’s Han mannequin alone — which is available in each hybrid and pure-electric variations — gross sales topped 10,000 models in March, BYD administration instructed Citi analysts in a name Tuesday. BYD’s whole gross sales of latest vitality autos hit 23,000 models final month, in keeping with Citi.

BYD expects that in December, it may possibly attain gross sales of 30,000 vehicles in simply the battery-powered class, Citi stated.

One other U.S.-listed Chinese language electrical automotive start-up, Li Auto, had not launched first quarter figures as of Friday morning Beijing time.

The corporate forecast in February it will ship between 10,500 and 11,500 vehicles within the first quarter, or fewer than 4,000 vehicles a month. Li Auto’s solely mannequin in the marketplace is an SUV that comes with a gas tank for charging the battery.

Li Auto shares rose 1% Thursday and are down about 12% year-to-date.