Chinese premium electric vehicle start-up Nio has seen its stock rally by about 50% in July, driven by strong Q2 delivery figures and a general increase in demand for stocks of EV companies. Below, we take a look at some of the recent developments for NIO.
In early July, NIO published its second-quarter delivery report, indicating that it delivered 10,331 vehicles, marking an increase of 191% year-over-year and about 169% sequentially. The company has benefited from pent-up demand post the Covid-19 related lockdowns, and its total deliveries for the first half of the year now stand at 14,169 cars.
Last week, the company provided more details on its EC6 crossover SUV, noting that it would be priced at RMB 368,000 (about $53,000) before subsidies. The vehicle, which is a coupe-style version of the ES6 mid-sized SUV, will start deliveries this September. However, it will be interesting to see how it fares when Tesla launches the Model Y compact SUV in China in early 2021. While pricing for the made in China Model Y isn’t known yet, we think it’s likely that it will undercut the EC6. For instance, the Model 3 sedan sells for about $41,000 before subsidies in China and the Model Y in the U.S. costs about $4,000 more than the Model 3, indicating that a price of under $50,000 for the base model is quite likely.
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