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Nio Inc’s (NYSE: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.
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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 (NASDAQ: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.
Click here to check out Benzinga's EV Hub for the latest electric vehicles news.
Photo by Jengtingchen on Wikimedia
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.