what happened
Shares of Chinese electric vehicle manufacturer NIO (NYSE: NIO) traded higher on Monday after the company set a new monthly record for deliveries in December. As of 10:45 a.m. EST, NIO’s U.S. deposit shares rose about 11.1% of Friday’s closing price.
Approximately
NIO said it ended 2020 on a high note, with 7,007 vehicles delivered in December, a 121% increase from a year ago and a new monthly record for the company.
The total contains 2,009 of NIO’s flagship ES8 SUVs, 2,493 of its mid-size ES6 SUVs and 2,505 of its latest model, the sporty EC6 crossover.
In September, NIO launched its latest model, the EC6. The sporty crossover quickly became its top seller. Image Source: NIO, Inc.
Remarkable for car investors: More than 40% of NIO buyers opted for the company’s batteries-as-a-service option in December, allowing buyers to buy a vehicle without a battery (at a lower price) with a subscription to NIO’s battery exchange service. This option helps to make NIO vehicles more affordable in advance, while creating a continuous revenue stream for the company.
NIO has more than 150 automatic battery exchange stations operating in China. The drive-in stations can ‘recharge’ a NIO by exchanging a new battery within three minutes, significantly less time than it would take to charge at a charging station.
Now what
NIO said it would unveil its next new model, a sedan, at its annual ‘NIO Day’ event on Saturday. The company said it would also keep investors and customers informed of the status of its self-management development program and other new technologies during the event.
NIO is expected to report its financial results in the fourth quarter and full year in mid-February.