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Nio Grabbed 23% Share Of China's All-Electric SUV Market In April, Ahead Of Tesla's 17%

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Nio Grabbed 23% Share Of China's All-Electric SUV Market In April, Ahead Of Tesla's 17%

Nio Inc (NYSE: NIO) grabbed the largest market share in China’s all-electric SUV market in April, higher than its U.S.-based rival Tesla Inc (NASDAQ: TSLA), according to China Automotive Technology and Research Center data.

What Happened: Nio grabbed a 23% electric SUV share in April, compared with Tesla’s 17%, CnEVPost reported — citing the CATRC data. 

Nio clocked a total of 7,404 SUV sales in April — with the ES6 model selling the most at 3,302 vehicles, EC6 sales were 2,484 units and ES8 sales at 1,618 units, the report said. Xpeng Inc (NYSE: XPEV) made up for 7% of the all-electric SUV market in the month.

See Also: Tesla Fares Worse Than Overall EV Market In April In China, Deliveries Drop 27% Over Previous Month

The Elon Musk-led Tesla sold 5,520 Model Ys in April.

Tesla’s April sales of 25,845 were down 27% from March, down more than the overall EV market which saw a smaller 12% month-on-month decline. Of these Tesla shipped out 11,671 units in the country, implying that most sales in April were exports, according to the Wall Street Journal.

See Also: Warren Buffett-Backed BYD Outdoes Nio, Xpeng, Li Auto In April EV Deliveries

Why It Matters: The sales numbers come at a time when automakers are facing semiconductor shortages. Nio has already warned the shortage could hit its second-quarter sales. Nio had to halt production at its Hefei manufacturing plant for five working days starting March 29.

In addition, Tesla has been facing rough weather in China, a market that contributes nearly 30% of the electric vehicle maker's global sales and is its second-largest market after the United States.

Price Action: Nio shares closed 7.30% lower at $31.22 on Thursday, while Tesla shares closed 3.09% lower at $571.69.

Click here to check out Benzinga's EV Hub for the latest electric vehicles news.

Photo by User3204 on Wikimedia

 

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