Written by Cláudio Afonso | [email protected] | LinkedIn | X
Shares of the battery electric vehicle (BEV) manufacturer Nio are surging over 11 percent on Wednesday following the report of strong deliveries in April and a new incentive from the Shanghai government to replace old cars with electric or hybrid ones.
The Shanghai government introduced the “Shanghai Action Plan” until 2027 to incentivise the replacement of old cars with new energy vehicle (NEV) models.
The plan encourages “automobile brands, car sales enterprises, relevant industry associations, and other organizations to promote automobile consumption upgrades”.
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It aims to optimise the automotive consumption environment and promote of the export of used cars,” local media CLS reported on Wednesday. Banking institutions are also encouraged to reduce down payments for car loans facilitating the access from consumers.
Earlier today, the company reported the delivery of 15,620 vehicles in April, an increase of 134.6 percent year over year.
The electric vehicle (EV) manufacturer unveiled the new facelift of its sedan ET7 during the Beijing Auto Show featuring upgraded seats and two second-row screens. The deliveries of the revamped model started yesterday, on the last day of April.
Nio deliveries in April consisted of 8,817 SUVs and 6,803 sedans as the monthly figures increased 31.64 percent sequentially from the 11,866 units delivered in March.
The ET7 Executive Signature edition has an expected delivery time of 4 to 6 weeks while the executive edition registers 2 to 4 weeks, according to Nio’s website.
Nio is currently preparing for the brand — and product — launch of its first subbrand Onvo. The event is scheduled for mid-May as confirmed by the co-founder Lihong Qin at the Beijing Auto Show.
Written by Cláudio Afonso | [email protected] | LinkedIn | X
