Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter
Despite having its best month in June — where NIO delivered 12,961 vehicles —, the quarterly result was not enough to surpass the record from Q1 2022 of 25,768 units. 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.
With the gradual opening of its second plant in NEO Park during this quarter and the start of ET5 production, NIO is expected to return to growth in deliveries quarter after quarter. On April 9, NIO announced the suspension of the vehicle’s production due to Covid-19 after its supply chain partners in Jilin (Shanghai) stopped production.
“Since March, due to the epidemic, the company’s supply chain partners in Jilin, Shanghai, Jiangsu, and other places have stopped production one after another, and have not yet resumed. Affected by this, NIO vehicle production has been suspended.” — the company said at the time.
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NIO announced on Friday that delivered a total of 12,961 units in June 2022, representing an increase of 60.3% when compared to the same period in 2021 with its cumulative deliveries reaching 217,897 as of June 30. The deliveries comprised 8,612 electric SUVs, including 1,684 ES8s, 5,100 ES6s, 1,828 EC6s, and 4,349 ET7s, the Company’s flagship premium smart electric sedan.
In early June, the EV maker posted its Q1 2022 Earnings results reporting $1.45b from vehicle sales, a 24.8% increase quarter-over-quarter. By then, NIO CEO William Bin Li commented on the results saying that the company “witnessed robust demand for our complementary products and achieved an all-time high order inflow in May 2022” despite the pandemic resurgence in China.
For the second quarter of 2022, NIO said it was expecting to deliver between 23,000 and 25,000 vehicles, representing an increase of approximately 5.0% to 14.2% from the same quarter of 2021.
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In 2021, NIO delivered 91,429 units reaching another consecutive year where it can double the vehicle sales. From 2019 to 2020, the EV maker increased its deliveries by 112.6% with 43,728 units delivered. In 2021, the company sold 91,429 units achieving another 109% increase from the previous year. For 2022, NIO‘s CEO said that the ~100% Deliveries growth Year-over-year “is expected to be maintained in 2022”.
Last week, JP Morgan analyst Nick Lai issued a note about NIO after the short seller report released by Grizzly Research. The analyst explained that this system used by NIO and Weineng is similar to the one used by OEMs when it comes to vehicle financing and that “every battery held by Wuhan Weineng has a corresponding underlying subscriber”.
Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter