EV startup Nio delivers more than 11,000 vehicles since late June
Chinese electric vehicle startup Nio sold 11,348 vehicles last year after launching its first product, the seven-seat ES8 crossover, on June 28.
Nio said it delivered 3,318 ES8s in December. The ES8 has a starting price of 448,000 yuan ($66,292) before government subsidies.
The better-than-expected December sales results were partly due to purchases made by car shoppers anticipating lower government subsidies for EVs in 2019,
Louis T. Hsieh, Nio’s chief financial officer, noted in a statement.
The Chinese government plans to phase out subsidies for EVs and plug-in hybrids by the end of 2020.
Nio is set to start delivering its second product, the ES6 five-seat crossover, in June with a starting price of 358,000 yuan, before government subsidies.
Nio assembles EVs at Jianghuai Automobile Co. in the east China city of Hefei, under a manufacturing contract it signed with the state-owned automaker in 2015.
Nio, initially known as NextEV, was established in Shanghai in 2014 with the financial backing of Chinese entrepreneur William Li and technology giant Tencent Holdings. It launched an initial public stock offering on the New York Stock Exchange in September.
By the end of 2018, at least six other Chinese EV startups had begun delivering vehicles, though they haven’t disclosed sales volumes.
The better-than-expected December sales results were partly due to purchases made by car shoppers anticipating lower government subsidies for EVs in 2019,
Louis T. Hsieh, Nio’s chief financial officer, noted in a statement.
The Chinese government plans to phase out subsidies for EVs and plug-in hybrids by the end of 2020.
Nio is set to start delivering its second product, the ES6 five-seat crossover, in June with a starting price of 358,000 yuan, before government subsidies.
Nio assembles EVs at Jianghuai Automobile Co. in the east China city of Hefei, under a manufacturing contract it signed with the state-owned automaker in 2015.
Nio, initially known as NextEV, was established in Shanghai in 2014 with the financial backing of Chinese entrepreneur William Li and technology giant Tencent Holdings. It launched an initial public stock offering on the New York Stock Exchange in September.
By the end of 2018, at least six other Chinese EV startups had begun delivering vehicles, though they haven’t disclosed sales volumes.
