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Nio Inc – ADR (NYSE: NIO) reported a strong year-over-year increase in deliveries for January, although the growth is off a low base in the same month last year, which was hurt by the pandemic. Nevertheless, the numbers represented another monthly record.
What Happened: Nio's January deliveries came in at 7,225 vehicles, a 352.1% year-over-year increase and up a more modest 3.1% from December.
In December, Nio delivered a record 7,007 vehicles.
The January numbers comprised 1,660 ES8S, 2,720 ES6s and 2,845 EC6s. It marked another record monthly performance and a two-fold year-over-year increase in deliveries for the tenth straight month.
Nio has now cumulatively sold 82,866 vehicles.
Why It's Important: Nio started 2021 on a strong note, having unveiled its first sedan model, ET7, the 150 kilo-watt-hour battery pack, and new power swap stations among other things at its Nio Day.
The company is also expected to commence overseas exports this year.
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With competitive intensity heating up, Nio is going all out to push its premium positioned EVs. In January, the company reportedly announced that it would make good the reduction in government incentive for those customers buying its vehicles through Jan. 10. The company also announced a limited period zero down payment option.
The battery-as-a-service offering unveiled by the company in 2020 to rent batteries instead of outright purchase is meant to alleviate the financial burden of customers. The autonomous driving-as-a-service offering the company announced at its Nio Day is another revenue stream it can rely on going forward.
Nio shares ran up to record highs of $66.99 on Jan. 11, reacting to the Nio Day event held on Jan. 9. Since then, the stock has pulled back.
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