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Nio Stages Comeback As November Deliveries Rise 105% To Hit New Monthly Record

Nio Inc (NYSE: NIO) said on Wednesday deliveries rose sharply in November after production bounced back following a key facility upgrade last month, helping the electric vehicle maker report a record number.

What Happened: The Shanghai, China-based Nio said it delivered 10,878 vehicles globally during the month, a jump of 105.5% year-over-year and a rise of 196.6% month-on-month. The company has guided fourth-quarter deliveries to be in the range of 23,500 to 25,500 electric vehicles.

Nio deliveries previously hit an all-time high in September, when it dispatched a total of 10,628 electric vehicles globally. 

Delivery Split: Nio delivered 2,683 six-seater and seven-seater ES8 SUVs, 4,713 five-seater ES6s and 3,482 five-seater EC6 coupe models during the month.

Nio has cumulatively delivered 156,581 vehicles as of November.

The company has begun shipping electric vehicles in Norway but did not provide a breakdown for overseas delivery.

See Also: Why Nio President Sees Decline In October Deliveries As ‘No Big Deal’

Why It Matters: Nio President Qin Lihong last month said production at its Hefei manufacturing plant had resumed and that the company was seeing a rise in orders.

The electric vehicle maker that competes with Tesla Inc (NASDAQ: TSLA) and Xpeng Inc (NYSE: XPEV) in China is reportedly looking to double production at the Hefei facility to 240,000 vehicles a year. The overhaul and expansion is expected to be completed in the first half of next year.

The Hefei facility can make sedan and sport-utility vehicle models. The plant would be able to make up to 300,000 cars a year after all the upgrades and extra shifts.

Rival Xpeng too sells electric vehicles in Norway. The company’s  president and chairman Brian Gu last month said Xpeng aims to sell half of its electric vehicles outside China

See Also: Xpeng Registers 233% YoY Rise In Deliveries For October But Numbers Fall Shy Of Record Month

Xpeng in August announced it would double the production capacity from 100,000 to 200,000 electric cars annually.

Price Action: Nio shares closed 3.29% lower at $39.13 a share on Tuesday.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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