Nio Inc (NYSE:NIO) on Friday reported a rebound in March deliveries as production bounced back after a traditionally slow holiday season and interruption due to a key facility upgrade.
What Happened: The Shanghai, China-based Nio said it delivered 9,985 vehicles during the month, a jump of 37.6% year-over-year and a rise of 61.4% month-on-month.
Delivery Split: Nio delivered 1,726 six-seater and seven-seater ES8 SUVs, 5,064 five-seater ES6s, 3,032 five-seater EC6 coupe models during the month. The company also delivered 163 ET7s, delivery for which began earlier this week.
Nio has cumulatively delivered 192,838 vehicles as of March-end.
The company, which also ships electric vehicles to Norway, did not reveal the volume for overseas delivery.
See Also: See Also: Tesla Rival Nio Retains Bullish Rating From This Analyst, But Gets A Price-Target Cut: Here's Why
First Quarter Performance: Nio’s first-quarter delivery of 25,768 electric vehicles was within its guidance of 25,000-26,000 EV deliveries.
The EV maker had last month said supply chain issues, chip shortages and higher raw material prices continue to be a challenge for the industry and that it expects to achieve a full-year breakeven in 2024.
The Shanghai-based Nio is the only EV maker among its peers Tesla Inc (NASDAQ:TSLA), Xpeng Inc (NYSE:XPEV) and BYD Co (OTC:BYDDY) that did not raise prices last month and said it will instead make product improvements and will consider product pricing strategies based on the price of raw materials.
Nio plans to more than double its R&D investment this year and has three key launches planned in 2022.
Price Action: Nio stock closed 5.05% lower at $21 a share on Thursday and shares were up 5.5% in premarket hours on Friday.
Photo: Courtesy of Nio
