U.S. listed Chinese electric vehicle maker Nio Inc (NYSE: NIO) secured the top rank in a study that ranks car quality in China, CnEVpost reported on Wednesday, citing the report by automotive website Autohome.
What Happened: Shanghai-based Nio is ahead of rival Li Auto Inc (NASDAQ: LI), which ranked twelfth. Warren Buffett-backed BYD Co (OTC: BYDDY) ranked eighteenth while Tesla Inc (NASDAQ: TSLA) stood at the bottom of the list, just slightly better than the industry average.
How It Works: The vehicle quality study calculates the number of failures per 100 new vehicles. The industry average is 135.
Nio scored 49 failures per 100 vehicles — the lowest for any car brand in China and much lower than the industry average.
A lower score implies a higher ranking for the brand.
Li Auto scored 102 failures per 100 vehicles. For BYD and Tesla, the failures were 113 and 133, respectively, the report said.
Tesla’s failure rate was just below the industry average.
Guangzhou-based Xpeng Inc (NYSE: XPEV) scored an average of 140, slightly below the industry average.
Price Action: Nio stock closed 5.9% higher at $14.9 a share on Tuesday.
Photo courtesy: Nio Inc
