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.
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.
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