Written by Cláudio Afonso | LinkedIn | X
Nio said Tuesday it delivered 21,181 electric vehicles in September representing a growth of 35.4 percent from a year ago.
In the third quarter, the company delivered 61,855 units — up 11.6 percent year over year — reaching the guidance previously communicated of between 61,000 and 63,000 units.
Of the 21,181 units delivered, 20,349 were from the Nio brand while 832 were from the company’s sub-brand Onvo.
US-listed Nio shares climbed 2.45 percent on Monday to $6.68 and are trading 4.79 percent higher on Tuesday’s pre-market session.
Over the next few days, Nio Group will achieve 600,000 vehicles delivered since its inception.
The result marks the fifth consecutive month delivering more than 20,000 units as the electric vehicle maker begins deliveries of the L60, the debut model of its sub-brand Onvo.
On September 19, Nio officially launched the L60, a family-oriented SUV that marked the debut of the company’s sub-brand Onvo. A larger SUV will follow next year, according to Deutsche Bank analyst
In a new research note released on Monday, Citi analyst Jeff Chung raised its price target on Nio shares to $8.90 from $7 defending that, if Onvo’s performance meets expectations, it could strengthen investor confidence in the next sub-brand Firefly.
The upcoming sub-brand will focus on smaller and more “affordable boutique compact cars” with deliveries of the first model scheduled to begin in China during the first half of next year.
Written by Cláudio Afonso | LinkedIn | X
