The electric vehicle maker NIO announced Thursday the delivery of 10,677 units in July 2022, representing an increase of 81.6% when compared to the same period in 2021 and an increase of 6.22% sequentially. The deliveries consisted of 7,551 SUVs (ES8, ES6, EC6 and ES7) and 3,126 ET7s.
“In August, the production and delivery of the ES7, a mid-large five-seater premium smart electric SUV based on NIO Technology 2.0 (NT2), started to ramp up steadily. 398 ES7s were delivered to users in August 2022.” NIO said.
Earlier this week, Deutsche Bank analyst Vincent Ha released a new note lowering the firm’s price target on NIO shares to $39 from $45. The analyst maintained a Buy rating on the shares while reiterating the company as their “top China EV pick”.
The firm estimates the EV maker to deliver 30,500 units which result in a total of 20,448 vehicles delivered in August and September, a monthly average of 10,224. The analyst commented, “Consensus estimates for 3Q/4Q clearly need to come down, we do see this as the last reset before the product supercycle hits full stride”.
On Sunday, NIO delivered the first units of its new SUV NIO ES7 only seventy-five days after the official launch on June 15. At the time, the EV maker also confirmed the highly anticipated 2022 versions of the older models, including the ES8, ES6, and the EC6.
In the second quarter, the Shanghai-based company reported 25,059 vehicles delivered, 14.4% more year-over-year but 2.75% less (709 units) than during the year’s first quarter.
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With the gradual opening of its second plant in NEO Park in September and the start of the ET5 model production there, NIO is expected to return to growth in deliveries quarter after quarter.
In mid-July, Bank of America unveiled the company “had increased its daily production capacity from 400 units to 600 [daily] units in June, and management saw strong orders for both ES7 and ET7, with ET7 order backlog pushing its capacity allocation towards the upper limit”.
As reported by EV on March 22, Li confirmed the months-long waiting list that customers of the NIO ET7 sedan have to face when reserving the model. The company started the test-drives on March 5th and began delivering the sedan on March 28, four months ago.