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Nio, other Chinese EV makers report August delivery numbers

Yahoo Finance Live anchors discuss August delivery numbers for NIO, which is among the Chinese EV makers reporting their latest monthly deliveries.

Video Transcript

- Let's also just quickly here take a look at shares of NIO here. This morning pre-market, they're trading lower by about 2.7% after the Chinese electric vehicle maker posted strong August delivery numbers. They grew their numbers actually by 81% year over year. For the month so far, now delivered 28% more vehicles than last year to date at the same point. Markets, eh, shrug right now.

- Yeah, I'm a little over some of these Chinese based EV makers. You know, I always view them through the prism of what does it mean for Tesla? I suppose these NIO results is another good indicator for Tesla as more production in that country comes back. You should start to see sales ramp, and that comes along the side of price increases. Tesla maybe has a good quarter or a better than expected quarter in China. But again, look, I'm not driving any of these cars, and I'm not going to be driving them any time soon, so all we can do is look at photos.

- Well, it's also the type of vehicle that they're producing and delivering too, and particularly in August for NIO, production and delivery of the ES7. This is a mid-large five seater. It's a more premium smart electric SUV, and based on some of their new technology that ramped up steadily. They're saying 398 ES7s were delivered to users or purchasers in August of 2022. I don't know why they call them users though. They got to come up with a better name.

- They're not car drivers, they're users. It's a tech company, Brad. It's a tech company. No, they're not making cars, they're making computers on wheels.

- They're calling EVs an addiction at this point.

- Yes.

-All right, well--