Chinese electric vehicle maker Nio Inc – ADR NIO reported record deliveries and orders for the month of August on Thursday, signaling that the company's recent momentum is intact.
What Happened: Nio's August deliveries jumped 104.1% year-over-year from 1,943 vehicles in 2019 to 3,965 vehicles in 2020. This represents a 12.2% increase from the 3,533 vehicles Nio delivered in July.
"In August, we achieved our best-ever monthly performance on both deliveries and order growth," CEO William Li said in a statement.
The previous monthly record was the 3,740 vehicles Nio delivered in June.
Why It's Important: On Wednesday, domestic rival Li Auto Inc. LI reported 2,711 vehicle deliveries for August, representing a 10.9% month-over-month increase.
Nio's August deliveries comprised 2,840 ES6s and 1,125 ES8s.
Nio's combined deliveries for July and August stand at 7,498. In its second-quarter earnings release, Nio guided to total third-quarter deliveries of 11,000 to 11,500 vehicles.
This would mean the company has to achieve another record monthly number for September to hit the high end of its third-quarter target.
What's Next: Nio said it expects its monthly production capacity for all Nio products to reach 5,000 units in September.
The company said its recent ADS offering has further enhanced its balance sheet and optimized its capital structure, which should help the acceleration of core technology development, particularly autonomous driving, and future global market expansion.
NIO Price Action: In premarket trading Thursday, Nio shares were trading down 3.12% at $19.28.
Related Links:
Why Nio Has A Shot At Becoming The 'Tesla Of China'
Nio Teases $20 Mark As Battery-As-A-Service Recharges EV Stock
Photo courtesy of Nio.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
