Written by Cláudio Afonso | LinkedIn | X
The electric vehicle maker Nio registered 6,700 insurance registrations in China last week setting a new record, according to the latest numbers published on Tuesday by the automaker Li Auto.
From May 27 to June 2, the Shanghai-headquartered manufacturer increased its weekly registrations by 24 percent from the 5,400 units registered in the previous week.
Nio reported on Saturday the delivery of 20,544 vehicles marking its best monthly result ever.
Following an average of 5,000 units registered in the first two weeks of May, Nio insured 5,400 cars from May 20 to 26, and continued to ramp up the deliveries last week with its first weekly result above 6,500 units.
The hybrid manufacturer Li Auto, which as started delivering its first fully electric model in March, registered 8,400 vehicles (down 2 percent from the previous week) while Huawei’s brand Auto recorded 7,000 units.
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The Stellantis-backed Chinese manufacturer Leapmotor registered 4,300 units while Geely’s premium brand Zeekr stood at 4,200 vehicles. The Guangzhou-headquartered brand Xpeng saw its registrations increasing 31.6 percent week over week to 2,500 units.
In a new research note, Morgan Stanley said Nio‘s record deliveries in May were “in line with raised expectations” as the firm keeps the $10 price target.
The electric vehicle maker Nio will report its first-quarter 2024 financial results on June 6, before market open.
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Based on the last closing price prior to the note, Morgan Stanley’s price target implies an upside potential of about 85 percent as the firm keeps the overweight rating on the shares.
Nio announced on Friday that has secured a significant strategic investment of 1.5 billion rmb (approximately $232.56 million) for its “Nio Power” company from Wuhan Guangchuang Fund and other investors.
At a media event held in Amsterdam on May 23, Nio‘s founder and chief executive, William Li, announced that the brand plans to enter the UK market “probably next year.”
Nio is preparing to expand its European lineup with the introduction of its flagship sport utility vehicle, the EL8, originally launched in China in late 2022.
An Ho, Nio’s general manager for the Norwegian market, hinted at the model’s impending launch in Europe via a post on LinkedIn.
Written by Cláudio Afonso | LinkedIn | X
