Nio Inc. NIO on Monday announced that its July deliveries rose year-over-year but declined sequentially. Separately, rumors of an ultra-cheap, third brand from the company floated around in local Chinese media.
What Happened: Shanghai-based Nio delivered 10,052 vehicles in July, representing 26.7% year-over-year growth. This, however, represented a 22.4% drop from June’s 12,961 units.
The July deliveries comprised 7,579 SUVs, including ES8, ES6 and EC6, and 2,473 ET7 sedans. A month ago, the company sold 1,684 ES8s, 5,100 ES6s and 1,828 EC6s for combined SUV sales of 8,612, and 4,349 ET7 sedans.
Nio noted that the production of its ET7 sedan and EC6 SUV was constrained due to a shortage in the supply of casting parts. The company said it is working with its supply chain partners so that vehicle production can be accelerated in the remaining months of the third quarter.
Among its Chinese peers, XPeng, Inc. XPEV and Li Auto, Inc. LI also announced their July numbers earlier on Monday.
Here’s a comparison of the Chinese EV trio’s July numbers:
Rumors of Ultra-Cheap EV Drift Around: Local media outlet 36Kr reported Monday that Nio is planning to launch an EV, with a price point starting at 100,000 yuan ($14,806) and going up to 200,000 yuan.
The report suggested the budget brand will be independently operated and that Nio is currently recruiting a core team for the same. When asked about the new brand, CEO William Li reportedly said on Weibo there is no information available at the moment, CnEVPost reported.
Benzinga's Take: In premarket trading, Nio stock was rising 3.90% to $20.50, according to Benzinga Pro data. This suggests the market may have discounted a drop from a strong June performance amid the wider market recovery.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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