The company, which has yet to report a profit since its establishment in 2014, delivered a record 55,432 vehicles in the third quarter, 38.4 per cent above its previous high-water mark of 40,032 units in the fourth quarter of 2022.
It predicted its total deliveries in the fourth quarter would decline between 11.6 and 15.2 per cent to between 47,000 and 49,000 units, compared with the three months ending September. Fourth-quarter revenue could reach 16.7 billion yuan, the company predicted, which would be a 12.6 decline compared with the third quarter.
“Heightened competition in the Chinese electric-car market will prompt more key players to focus on cost reduction to survive potential price wars,” said Gao Shen, an independent analyst in Shanghai. “For premium EV makers, it will be advisable for them to launch more low-priced vehicles to shoot at a wider base of customers.”
Chinese EV makers speed towards 2023 sales record
Chinese EV makers speed towards 2023 sales record
At present, Nio builds its vehicles at two plants in Hefei, capital of eastern China’s Anhui province, through partnership with state-owned carmaker Jianghuai Automobile Group (JAC).
On Tuesday, JAC said in a filing to the Shanghai Stock Exchange that it had sold assets worth 3.16 billion yuan at the two factories to Nio.
Ji said in November that JAC would remain an important partner with Nio in production even after its disposal of the assets.
