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Tesla Challenger Nio Doubles Its August Deliveries to Record High

By Ding Yi / Sep 04, 2020 12:40 PM / Business & Tech

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Chinese electric vehicle startup Nio said that its August sales grew to a record high, a day after its peer Li Auto reported record deliveries for the month, as demand for NEVs seems to be growing following the Covid-19 pandemic.

New York-listed Nio delivered 3,965 electric vehicles last month, consisting of 2,840 ES6s and 1,125 ES8s, up 104% year-on-year, setting a new monthly delivery record, according to a statement released by the company on Thursday. In July, its delivery figure stood at 3,533 vehicles, representing a year-on-year increase of 322%.

However, investors seemed less impressed, with Nio’s share price closing down 6.03% on Thursday.

As of the end of August, Nio had cumulatively delivered a total of 53,580 cars, of which 21,667 units were sold in 2020, the statement said.

“In August, we achieved our best-ever monthly performance on both deliveries and order growth,” Nio chairman and CEO William Li said in a statement. Li revealed that Nio’s monthly production capacity is set to reach 5,000 vehicles in September in order to meet growing demand.

Earlier this week, Nio announced the completion of a new share sale to raise $1.73 billion, which the company said will be used to boost its stake in Nio China, bankroll research and development of self-driving technology and accelerate global market expansion.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Electric Vehicle Startup Li Auto Hits Monthly Delivery Record

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