Nio's July Deliveries Up 322% Year-Over-Year, Down Month-Over-Month

Nio Inc – ADR NIO shares, which recently hit an all-time high and have subsequently pulled back, were trading higher Monday after the Chinese EV maker reported July deliveries that increased over 300% from last year but slipped 5.4% from a month ago. The company also said it received record orders during the month of July. 

Nio's Sales Momentum Intact: The Chinese EV maker delivered 3,533 vehicles in July, comprising 2,610 ES6s and 923 ES8s. This represented a 322.1% increase from July 2019. 

Deliveries fell 5.4% month-over-month from the 3,740 units delivered in June.

Nio has delivered 17,702 vehicles so far in 2020.

"In July, we are pleased to have achieved the second-highest monthly delivery results despite the impact on productions due to a five-day suspension of manufacturing to prepare for EC6 productions and other flood-related supply chain challenges," William Bin Li, Nio's founder, chairman and CEO, said in a statement.

Nio's Update On Third EV Model: In late June, Nio launched a third EV model — the EC6 — which is a five-seater premium smart electric coupe SUV, with NEDC range of up to 615 kms with the 100 kWh battery pack.

The company touted it as a sporty model, with a stylish design, appealing to a younger and broader user base.

The EC6 deliveries are set to start in September, the company said.

Nio's Outlook: The company said order growth is at a record, reflecting strong ES6 and ES8 demand, along with increasing EC6 orders.

"We believe we will be able to increase our production capacity significantly to support higher deliveries in the third quarter of 2020," Li said.

The three models are complementary to each other and will aggressively take larger share from both the internal combustion engine and EV market, CFO Steven Feng said in the release.

The company is scheduled to report second-quarter results Tuesday, Aug. 11.

In premarket trading Monday, Nio shares were advancing 5.19% to $12.56.

Related Links:

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Nio Analyst Projects Upside On Stronger Orders, Improving Margins, Cash Flow

Photo courtesy of Nio.