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Embattled Tesla Rival Nio Reports Increase in Deliveries

By Zhao Runhua / Nov 05, 2019 01:49 PM / Business & Tech

Photo: VCG

Photo: VCG

Chinese electric vehicle manufacturer Nio reported an increase in deliveries for October, after the embattled company announced it would sack more than a tenth of its workforce and that its chief financial officer had quit after the release of losses in the second quarter 2019.

A Monday press release from the company said Nio shipped 2,526 vehicles in October, a 25% increase on the previous month. That included 2,220 5-seater electric ES6 models and 306 7-seater and 6-seater ES8 models. In January, Nio recalled 4,803 ES8s due to battery safety concerns which dented public confidence and sales figures.

Nio founder William Li attributed the increase to the company’s sales team and said the firm will continue expanding its sales network. As of the end of October, Nio had delivered a total of 14,867 vehicles this year. The price of the company’s New York-listed shares surged 12.5% to $1.71 as of Monday market close — but that was still under a third of their price at their New York IPO a year ago.

Related: China’s Electric-Vehicle Manufacturers Fight for Their Lives After Subsidies Slashed

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