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Chinese EV manufacturer Nio Inc – ADR (NYSE: NIO) reported record monthly deliveries for December, underscoring the strong momentum in the business.
What happened: Nio’s deliveries climbed 121% year-over-year to 7,007 vehicles in December, the company said in a statement on Sunday. Total unit deliveries included 2,009 ES8S, 2,493 ES6 and 2,505 units of its newly launched EC6s.
Sequentially, deliveries increased 32.43% from the 5,291 vehicles delivered in November.
The company noted that it had seen double year-over-year growth for the ninth consecutive month.
“2020 has been a difficult year for the whole world. In this context, NIO set consecutive records along the way and ended the year on a high note with remarkable deliveries of more than 7,000 vehicles in December, ”said William Bin Li, Founder, Chairman and CEO of NIO in a statement.
For the fourth quarter, the company delivered 17,353 vehicles, an increase of 111% year over year.
According to the company’s earlier forecasts, quarterly deliveries would range from 16,500 to 17,000 units.
Growing recognition of Nio’s premium brand, competitive and compelling products and services, and an expanding sales network contributed to the strong performance, the company said in the statement.
Nio noted that its battery-as-a-service program has been popular among its customers since its launch. After adding an option to deliver a 100 kilowatt-hour battery, BaaS penetration reached around 40% of its new orders in December.
In 2020, the company delivered 43,728 vehicles, an increase of 112.6% year-over-year.
Related Link: Nio to Match Vehicle Prices Until Jan 10 As China Plans 20% Electric Vehicle Subsidy Cut in 2021
Why this is important: Nio, as a local EV start-up in China, has slowly and steadily increased its wit as well as its market share in the hot Chinese market. The company has pushed forward to develop as a Tesla Inc (NASDAQ: TSLA) in China.
Nio’s national rival Li Auto Inc. (NASDAQ: LI) reported monthly shipments of 6,126 Li ONE on Friday, representing a 31.9% month-over-month increase and a 529.6% year-over-year gain. other.
Tesla, which releases figures by quarter but not by month, said on Saturday its fourth quarter deliveries stood at 180,570, up 29.6% quarter-over-quarter and 61.2% more than a year ago.
And after: The 2020 Nio Day slated for January 9 is the next catalyst to come for the EV maker.
Nio has confirmed that on Nio Day 4 it will launch a new sedan model, while sharing the latest developments in autonomous driving and other core technologies.
“Inspired by the spirit of ‘Always Forward’, the theme of the next NIO Day, we will continue to invest in intelligent EV technologies, accelerating the development of our new products, expanding our sales and service network and seeking the best experiences from our growing user community in 2021 and beyond, ”said Nio.
Price action: Shares of Nio, which hit an all-time high of $ 57.20 on November 24, have since fallen amid fears of an unsustainable valuation and regulatory crackdown in China.
The title has managed to regain some of its lost momentum in the past two sessions.
The delivery update could provide upward support as January 9th Nio Day approaches.
On Thursday, the stock closed at $ 48.74, up 0.74%.
Related Link: Why Does Nio Plan To Become The ‘Tesla Of China’
Photo courtesy Nio
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