Tesla's China Rival Confident Of Doubling Sales To 250K, Hopes To Break Even Next Year

Chinese EV maker Nio Inc NIO is reportedly very confident of meeting its sales target this year.

What Happened: Nio CFO Steven Feng said the company is very confident of meeting its sales target for 2023, reported Bloomberg. Feng was speaking at an interview with Bloomberg Television.

The target of doubling sales to 250,000 shall be achieved with new models, expanding charging and battery-swapping network,s and unlocking autonomous driving technologies, Feng told Bloomberg.

For the first quarter of 2023, Nio expects vehicle deliveries to be between 31,000 and 33,000, marking an increase of 20.3%- 28.1% year-on-year. The company has already delivered 20,633 vehicles in the quarter and is left with a target of 10,337-12,337 units for March to hit the guidance.

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In 2022, Nio delivered 122,486 vehicles, representing an increase of 34.0% from 2021. The company’s revenue came in at 49.3 billion yuan but the net loss widened 259.4% to 14.4 billion yuan. However, the company is confident about breaking even at the group level next year, the report said.

In February, it was reported that Nio expects to add 1000 battery swap stations in 2023 as opposed to the 400 stations target it announced in December. Nio’s first 10 third-generation battery swap stations may go live at the end of this month.

Price Action: NYSE-listed ADRs of Nio closed 6.1% higher at $9.28 on Tuesday, according to data from Benzinga Pro.

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