Chinese electric vehicle (EV) maker NIO (NYSE: NIO) delivered 5,055 vehicles in October, up 100.1% year-on-year, and marking the eighth consecutive month of year-on-year growth.
NIO ES6 delivery time extended to 4-5 weeks as new Shanghai policy spurs local demand
The deliveries consisted of 2,695 ES6s, its 5-seater premium smart electric SUV, 1,477 ES8s, the company's 6-seater and 7-seater flagship premium smart electric SUV, and 883 EC6s, the company's 5-seater premium electric coupe SUV.
This is also the first monthly mass delivery of the EC6, which is positioned as an electric coupe, and follows the basic design framework of the ES6 model, with a sportier, more sporty design than the ES6.
Analysts say NIO sales to improve further, EC6 performance highly anticipated
In a report titled "A strong EV leader in the making" published on October 28, Morgan Stanley analyst led by Tim Hsiao said previously they saw NIO's coupe SUV EC6 as a window-dressing product to its flagship ES6. "However, our recent EV trip and channel checks suggest that demand for EC6 has surprised on the upside."
According to feedback from meetings with regional sales head and stores, EC6 caters well to a sizable group of young people, and consumers who place orders now won't get the car till early 2021, implying a longer waiting time than other EV models, the report said.
Morgan Stanley says 'NIO is a strong EV leader in the making', raises price target by 61%
NIO has managed to hit the 5,000 monthly delivery milestone in just 2.5 years, the quickest among premium Chinese auto brands.
The company delivered 31,430 vehicles in 2020 in total, representing an increase of 111.4% year-on-year.
As of October 31, 2020, cumulative deliveries of the ES8, ES6 and EC6 reached 63,343 units since June 2018.
NIO will release its third-quarter 2020 financial results on November 18.
NIO establishes 'Marco Polo Project' to accelerate entry into overseas markets
