NIO's Share Price Spikes As Deliveries Beat Record

 

Chinese electric vehicle maker NIO (NYSE: NIO) has done it again...

The company reported its March and Q1 2021 deliveries this morning, reporting another monthly record. 

March saw a 373% year-on-year increase to 7257 vehicles delivered, while in Q1 2021, they delivered 

20,060 vehicles in total, an increase of 423%...

Vehicles delivered in March consisted of 1,529 ES8s, 3,152 ES6s, and 2,576 EC6s.

In Q3 2020, vehicle deliveries were 12,206, with 17,353 delivered in Q4, showing huge growth in demand for electric vehicles in China. 

In comparison to Tesla, they delivered 180,570 in Q4, so it's safe to say NIO have some catching up to do. 

NIO is considered Tesla's closest competitor in China, although they have some way to go, with Tesla deliveries in Q4 2020 reaching 180,570.

While the Shanghai-based company continued its strong growth in March, it may see a slowdown over the next few months with the semiconductor chip shortage impacting production...

The company confirmed that the shortage will see its production fall from 10,000 vehicles per month to 7,500 😬. 

For now, though, NIO's share price is looking up, sitting 5.7% higher premarket at $41.20.