Nio Manufacturing Partner JAC Sees May Sales Drop 12.4% Sequentially

Nio Inc’s NIO manufacturing partner Jianghuai Automobile Group Co’s electric vehicle sales more than doubled in May on a year-on-on basis but were down 12.4% sequentially, according to a cnEVpost report.

What Happened: JAC sold 9,113 all-electric passenger cars in May, up 131.8% year-on-year and down 12.4% from April, according to the report that cited company data.

On a consolidated basis, JAC sold 44,391 units in May, up 6% from a year ago. 

See Also: Nio Denies 'Gemini' Being Entry-Level EV Model, Says Separate Product To Be Launched In 2022

JAC's vehicles are aimed at the mass market and come at a lower entry barrier in terms of pricing. The company launched its next-generation smart pure electric SUV SOL E40X last month at a ticket price of $20,338 to $24,390, after subsidies, the report said.

In comparison, Nio electric vehicles have an average price of $68,270, higher than the BMWs, Audis and Tesla Inc's TSLA average price in China, the report said.

Why It Matters: Nio and JAC formed a partnership earlier in March, sparking speculation the former is eyeing the mass market for expansion. Nio had earlier this year indicated plans to enter the mass market under a different brand, as per a Reuters report.

Price Action: Nio shares closed 4.15% higher at $43.68 on Monday. 

Read Next: Warren Buffett-Backed BYD Records 126% YoY Jump In May EV Sales; Outdoes Nio, Xpeng, Li Auto Sales Combined

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