Nio clears chip shortage with more than 8,000 deliveries in June

BEIJING – Chinese electric car start-up Nio announced on Thursday that it delivered more than 8,000 cars for the first time in one month.

The company delivered 8,083 vehicles in June, bringing the second quarter total to 21,896 cars, according to a statement. This quarterly figure sits at the top of Nio’s forecast for deliveries of between 21,000 and 22,000 vehicles in the three months ending in June.

Shares of Nio listed in the US have risen 9% so far this year. The company typically delivered more electric cars per month than two other US-listed electric car start-ups, Xpeng and Li Auto. Their shares have risen about 3.7% and 21%, respectively, so far this year.

The strong second quarter performance came despite a drop in monthly shipments in May compared to April – which the company attributed to the global semiconductor shortage.

Nio’s figures in June also brought deliveries for the first half of the year to over 41,900, almost surpassing the total of 43,728 cars for all of last year.

However, the startup’s deliveries are still a long way off from industry giant Tesla, which delivered 184,800 vehicles globally in the first quarter alone.

Tesla shares have fallen more than 3.5% for the year so far.