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China's EV maker NIO gains big on Q3 delivery

Xinhua,October 09, 2019 Adjust font size:

NIO Inc., a Chinese leading electric vehicle (EV) manufacturer, extended solid gains on Tuesday, after it reported upbeat delivery results with a double-digit upswing for the third quarter (Q3).

Shares of NIO surged 10.32 percent to settle at 1.71 U.S. dollars per share around market close. As of Tuesday, the company is valued at nearly 1.8 billion dollars in market capitalization.

The company delivered 4,799 vehicles in Q3, up 35.1 percent from the second quarter and exceeding the middle point of the company's guidance range significantly by 499 vehicles, or 11.6 percent, NIO said in a statement on Tuesday.

The deliveries consisted of 4,196 ES6s, the company's five-seater high-performance premium electric SUV, and 603 ES8s, the company's seven-seater high-performance premium electric SUV and its six-seater variant.

"Third quarter deliveries exceeded the top end of our guidance range as production and deliveries of our ES6 continued to ramp up after its initial launch in June," said William Li, founder, chairman and CEO of NIO, in the statement.

Deliveries in September reached 2,019 vehicles, including 1,726 ES6s and 293 ES8s, which were "positively impacted by expedited shipments ahead of China's national day holiday."

As of Sept. 30, aggregate deliveries of the company's ES6 and ES8 reached 23,689 vehicles, of which 12,341 vehicles were delivered in 2019.

Besides the marked increase in NIO's delivery, the company also notched "accelerated growth" of its order backlog since September, which is underpinned by "a more expansive sales network."

Li also noted that facing unfavorable economic conditions and auto industry trends, the company began offering the ES6 standard version at more competitive retail prices at the end of September.

"We plan to further enhance our offerings in an effort to accelerate orders and deliveries, going forward," Li said.