Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Trending in China: Shenzhen Thinks Only Children Should Get Paid Leave to Look After Their Parents - Cue Heated Debate
German Drugmaker BI Launches Shanghai Center to Harness Chinese Expertise
Chinese Self-Driving Truck Firm Aims to Cover Most of U.S. by 2024
Trending in China: Chinese Netizens Tell Indian Prime Minister Modi To ‘Shut The Door On The Way Out’ As He Quits Weibo
Trending in China: If You Can’t Beat Them, Join Them – Why Tencent is Laughing At Itself
Meituan Eyes Robot-Enabled Deliveries with $14 Million Investment in PuduTech
India Ban Could Hit TikTok’s Parent Company to the Tune of $6 Billion
Sina Weibo to Issue $750 Million in Bonds
Embattled Leshi Forced to Sell Smart TV, Livestreaming Trademarks
Autowise.ai and Swiss Cleaning Carmaker Launch Driverless Street Sweeper
Trending in China: How an ‘Old Godmother’ Took on China’s Internet Giant and Won
China’s IT Spending Expected to Hit $297 Billion: IDC
TikTok Moves Data Protection of European Users from U.S. to U.K. and Ireland
Trending in China: Dazed and Confused – China’s Elderly in Online Pandemic World
Alibaba-Owned Taobao Live Sacks Former Operating Head for Corruption
Tesla Supplier CATL Breaks Ground With New Battery Lab
Chinese Online Educator Zuoyebang Receives $750 Million Investment
Didi to Halt Service in Several Japanese Prefectures Citing Impact of Covid-19
Trending in China: ‘Robotaxis’ A Brave New World or Creating More Unemployment?
Lazada Appoints Former Alibaba Executive as New CEO
Electric Car Maker Nio’s January Sales Plummet Amid Epidemic

By Ding Yi / Feb 11, 2020 05:52 PM / Business & Tech

Photo: VCG

Photo: VCG

Chinese electric car company Nio reported a year-on-year sales drop in January, but its CEO downplayed the negative results, blaming them on the outbreak of the new coronavirus.

Nio delivered 1,598 vehicles in January, consisting of 1,493 ES6s and 105 ES8s models, representing less than half of the number the company sold in December. The figure also put an end to the company’s five consecutive months of shipment growth, and marked a year-on-year decline of 11.5%, the company said in a statement Monday.

However, Nio chairman and CEO William Li said in a statement that he was satisfied with the result, attributing the dip to the Lunar New Year holidays, which were extended in an effort to control the spread of the coronavirus, forcing many businesses to delay restarts to sales and production.

Amid uncertainties over when the deadly epidemic will be brought under control, Nio also expects its vehicle sales to drop further in February.

Any consecutive sales drop could put Nio at risk, as the cash-strapped company struggles to find new investment to fund its operations. Last week, Nio announced plans to raise $70 million through the sale of convertible bonds to an “unaffiliated” Asia-based investment fund, temporarily alleviating some financial pressure.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Nio Posts Fifth Straight Month of Shipment Gains in December


Share this article
Open WeChat and scan the QR code