Ahead of Earnings (and Despite Tesla), NIO Reports Another Monthly Sales Record

Chinese electric-vehicle maker NIO (NYSE:NIO) set another monthly record for deliveries in January, despite the arrival of serious competition from Tesla (NASDAQ:TSLA).

NIO said that it delivered 7,225 of its upscale electric vehicles (EVs) in January, beating its earlier record of 7,007 deliveries set in December after the company successfully boosted its production volume ahead of schedule. 

Some auto investors had expected the automaker’s order book to suffer with the launch of Tesla’s locally made Model Y SUV, a direct competitor to NIO’s mainstay ES6 and EC6 models. But despite the new entrant, sales of both NIOs remained strong in January. 

The record delivery total caps an eventful January for the upstart EV manufacturer that included a round of financing and the reveal of a new sedan model. 

Full story on Fool.com

Leave a Comment