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Nio More Than Doubles Deliveries In April As Domestic Economy Limps Back To Normalcy

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Nio More Than Doubles Deliveries In April As Domestic Economy Limps Back To Normalcy

Chinese EV maker Nio Inc – ADR (NYSE: NIO) reported strong deliveries for April. The resurgence reflected a return of normalcy in China, which emerged from a protracted lockdown in the wake of the coronavirus (COVID-19) pandemic.

The Shanghai-based company, which recently announced a $1 billion state funding and the shifting of its headquarters to the Hefei province, said it delivered 3,155 vehicles in April, up a strong 105.8% from the previous month, when it delivered 1,533 vehicles.

On a year-over-year basis, the growth was an even better 180.7%.

The break-up of the April numbers being 2,907 ES6s and 248 ES8s.

Nio said it commenced deliveries of the all-new ES8s with more than 140 improvements on April 19.

"In April, we achieved record-high monthly ES6 deliveries since June 2019, and deliveries of the all-new ES8 had also been well on track," said co-CEO William Li.

The company attributed its strong April results to the recovering production and delivery capabilities as well as strong order growth, facilitated by increasing recognition of its products, services and particularly battery swapping technologies by its existing and potential users.

"Additionally, with the positive order and delivery momentum, we remain committed to further improving our gross margin and operational efficiency," said co-CFO Steven Feng.

In pre-market trading, Nio ADRs were up 4.8% to $3.44.

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