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Monday, September 25, 2023

Market watch: Chinese EV NIO provides September sales

Bob Davis

CSMS Magazine

Yesterday, China’s protagonist in the electric vehicle revolution, revealed its sales for last month. On the news, NIO, +1.42% jumped 3% in premarket trading. It reported deliveries of 10,628 vehicles in September, up 125.7% from the year-earlier period, and deliveries of 24,439 vehicles in the third quarter. The third-quarter number was ahead of the company’s own guidance from early September of 22,500 to 23,500 vehicles.

At the time, the company said the global chip shortage was expected to weigh, and lowered guidance from an earlier range of 23,000 to 25,000 vehicles. “As of September 30, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 142,036 vehicles,” the company said in a statement. The third-quarter number represents an increase of 100.2% from the third quarter of 2020. Shares have gained more than 400% in the year to date, while the S&P 500 SPX, -1.19% has gained 14.7%.

Quite impressive for NIO which has already entered the European market.

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