U.S.-listed Chinese electric vehicle maker Nio Inc (NYSE:NIO) said on Tuesday deliveries fell in January over the previously month — ahead of the traditionally slow-sales season around the Lunar New Year. China New Year Holiday starts on Jan. 31 and lasts till Feb. 6 this year.
What Happened: Nio said it delivered 9,652 electric vehicles last month, a fall of 7.9% over December and a rise of 33.6% over January 2021.
The Shanghai-headquartered Nio said it delivered 1,531 six-seater and seven-seater ES8 SUVs, 5,247 five-seater ES6s and 2,874 five-seater EC6 coupe models.
Nio has cumulatively delivered 176,722 vehicles as of January.
The company said it has built 836 Power Swap stations, 3,766 Power Chargers and 3,656 destination chargers, as of Monday.
Why It Matters: Investors are looking closely at delivery numbers for China’s homegrown electric vehicle startups as they continue to ramp up deliveries and expand in local as well as overseas markets.
Nio has been delivering over 10,000 electric vehicles in the recent months, a feat similarly achieved by other home grown startups including Xpeng Inc (NYSE:XPEV) and Li Auto Inc (NASDAQ:LI).
Xpeng sold more cars last month than local rivals Nio and Li and also outperformed numbers of Germany’s Volkswagen Group’s (OTC:VWAGY) ID series of electric vehicles.
The competition is stiffening as the space gets crowded and each player including the global market leader Tesla Inc (NASDAQ:TSLA) plan further expansion in a market that is switching to electric vehicle at a faster pace than the rest of the world.
Xpeng and other rivals are scheduled to report monthly deliveries later today.
Price Action: Nio shares closed 17.3% higher at $24.5 a share on Monday. The stock is down 27% so far this year.
Photo: Courtesy of Nio
