Published on August 6th, 2020 |
by Zachary Shahan
August 6th, 2020 by Zachary Shahan
NIO continues to show solid growth despite the clear economic challenges of 2020. The Chinese EV startup announced its July deliveries this week and shared that the July 2020 figure was 322.1% higher than the July 2019 figure.
While not as good as July, that’s still a 111.3% increase over the same period in 2019.
Generally speaking, 111% to 322% is considered good growth at a company. (Dry joke. Of course it’s good!)
The company’s newest model, the ES6, continues to pull the company to new heights, accounting for 2,610 of the month’s 3,533 sales. The 5-seat “smart electric SUV” would have placed 7th among all plugin vehicles in June with those 2,610 sales, a total that was a slight climb up from the ES6’s 2,476 sales in June. However, we don’t yet have a full July breakdown of sales by model to indicate where the ES6 ranks. We’ll have that later in the month.
The larger, older, more expensive ES8 ended the month with 923 deliveries. Not too shabby for a premium 6/7-seat vehicle that starts at about $70,000.
“In July, we are pleased to have achieved the second-highest monthly delivery results despite the impact on productions due to a 5-day suspension of manufacturing to prepare for EC6 productions and other flood-related supply chain challenges,” said William Bin Li, founder, chairman, and chief executive officer of NIO.
“More proudly, we have achieved a record-high monthly order growth, attributed to a stronger demand of the ES8 and ES6, together with the increasing EC6 orders, thanks to the continuous support of our users. We believe we will be able to increase our production capacity significantly to support higher deliveries in the third quarter of 2020.”
The EC6 is a new, smaller SUV that just went into production and will start being delivered to customers next month, September 2020. The starting price before subsidies will be RMB 368,000 ($53,000). The electric coupe SUV has an NEDC-rated range of 615 kilometers (382 miles). Expect to see more record sales for NIO as this model hits the market and adds to NIO’s growing vehicle pie.
“NIO now offers three competitive high-performance smart electric SUV models to meet the diversified needs of users in the premium sector of the auto industry in China,” Steven Feng, the NIO CFO, indicated.
“We are very confident that the ES8, ES6, and EC6 are complementary to each other and will aggressively gain larger market shares from both ICE and electric vehicle market.”
With another mass-market product in its lineup, NIO will presumably be rising steadily (or sharply). How far will this company go? What will its parade of EV models look like? Chime in with your own thoughts.
For much more on NIO, see one of these guides regarding the company and its top products:
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