Nio's August EV Deliveries Rise, Bucking Wider Trend As Rivals Xpeng, Li Auto See Numbers Fall Sequentially

Zinger Key Points
  • Nio reported deliveries-growth for August, with new launches keeping the momentum going.
  • ES7 SUV production and sales are ramping up nicely, the company said.

Nio, Inc. NIO reported a rise in deliveries for August on Thursday.

What Happened: The Shanghai-based electric vehicle maker said it sold 10,677 cars in August, representing an 81.6% increase from a year ago. Deliveries were 6.2% higher than the 10,052 cars it sold in July.

The company noted that it delivered 398 ES7s, a five-seater smart SUV based on the new NT 2.0 platforms. Deliveries of the model began in August. The company noted that production and sales of the vehicle ramped up steadily in August.

Nio is slowly and steadily getting back on track after COVID-19 forced the shutdown of its plants in April and impacted its supply chain as well.

See Also: Alibaba, Nio Slip: Hong Kong Stocks Stumble As China Private Factory Survey Data Shrinks For 1st Time In 3 Months

How Does Nio’s August Sales Stack Up Against Peers: XPeng, Inc. XPEV reported earlier in the day it sold 9,578 cars in August, a 33% year-over-year increase but a 17% month-over-decline from the 11,524 cars it delivered in July.

Li Auto, Inc.’s LI sales tapered off to 4,571 units in August from 9,433 units in the year-ago period and 10,422 units in July 2022.

Price Action: In premarket trading, Nio shares were sliding 2.11% to $19.49, according to Benzinga Pro data. XPeng was seen moving down 2.16% to $18.12 and Li Auto was retreating 1.98% to $28.20.

Market News and Data brought to you by Benzinga APIs
Posted In: AsiaNewsRetail SalesChinaelectric vehiclesEurasiaEVs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!