NIO (NYSE:NIO), the Chinese manufacturer of luxury EVs, has seen its share price retreat recently after marking a new all-time high of $14.98 on the 10th of July. Today, the company has come under a fresh spotlight as it revealed its deliveries for the month of July.
According to the details, NIO delivered 3,533 EVs in July, consisting of 2,610 ES6s and 923 ES8s. This delivery number marks an increase of 322.1 percent relative to the comparable month last year. Year to date, the company has delivered 17,702 vehicles. As a refresher, NIO reported last month that it delivered 10,331 EVs in the entire Q2, corresponding to an annual increase of 190.8 percent. In June 2020 alone, NIO delivered 3,740 EVs, consisting of 2,476 ES6s and 1,264 ES8s, thereby, establishing a new monthly record.
Steven Feng, the Chief Financial Officer (CFO) of NIO, said in a press release:
“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. 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.”
NIO shares have reacted positively to this news, posting a gain of 5.53 percent in the pre-market trading, as of 06:01 a.m. ET. Year to date, the stock is up a healthy 238 percent.
Of course, today’s development will only add to the euphoria surrounding NIO’s shares. As an illustration of a string of positive news to emerge in recent days, we reported on the 23rd of July that NIO is planning to establish a separate battery asset management company that will allow for the launch of a dedicated Battery as a Service (BaaS) facility. This idea has been in the planning stage for around 6 months now. The battery asset management company will be led by NIO Energy and will incorporate investments from a number of entities, including Contemporary Amperex Technology (CATL), China's largest automotive lithium-ion battery maker. While citing a source, cnTechPost noted:
"In other words, the car and the battery can be sold separately. The ownership of the battery asset and the vehicle asset can be stripped away and the user does not need to own the battery."
Once NIO implements the BaaS model, a user will have the facility of renting a battery from the battery asset management company, thereby, drastically reducing the cost of owning an electric vehicle.
Readers should remember that NIO is steadily gaining strength in China. According to the Chinese National Passenger Car Information Exchange Association (CPCA), the top ten domestic EV manufacturers accounted for 14.1 percent of the total EV sales in China during H1 2020. NIO accounted for 31 percent of the sales volume generated by the top ten manufacturers, having sold 14,169 units during the period.
The post NIO (NYSE: NIO) Reports 3,533 Deliveries for the Month of July by Rohail Saleem appeared first on Wccftech.
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