Chinese electric vehicle maker Nio saw a significant uptick for its deliveries in March, a sign that may reignite hopes in the struggling startup.
Last month, Nio more than doubled its deliveries month-on-month to 1,533 vehicles, compared with February when only 707 cars were shifted due to the coronavirus outbreak, the company said Tuesday.
Nio delivered 3,838 vehicles in total for the first quarter of 2020, beating its previous estimate of between 3,400 and 3,600 cars.
Nio chairman and CEO William Li attributed the monthly sales recovery to the gradual resumption of its production and supply chains as well as its online sales efforts.
As the coronavirus pandemic has diverted sales away from physical stores and toward online platforms, Nio CFO Steven Feng said that the company will use both online and offline channels to boost sales.
The March delivery rebound comes as Nio continues to be plagued by losses, net cash outflows, negative working capital, negative equity and uncertainties surrounding the completion of certain financing projects.
Contact reporter Ding Yi (email@example.com)