What happened
Chinese electric vehicle maker shares NIO (NYSE: NIO) were trading higher on Monday after the company said it set a new monthly record for deliveries in December. As of 10:45 EST, American depositary shares of NIO rose about 11.1% from Friday’s closing price.
And
NIO said it ended 2020 on a high note, with 7,007 vehicles delivered in December, an increase of 121% over the previous year and a new monthly record for the company.
That total includes 2,009 of NIO’s ES8 SUVs, 2,493 of medium-sized ES6 SUVs and 2,505 of its newest model, the EC6 sports crossover.
NIO launched its newest model, the EC6, in September. The sports crossover quickly became its bestseller. Image source: NIO, Inc.
Noteworthy for car investors: More than 40% of NIO buyers in December opted for the company’s battery as a service option, which allows buyers to buy a vehicle without a battery (at a reduced price) with a subscription to the NIO. exchange service. This option helps to make NIO vehicles more accessible in the beginning, while creating a continuous revenue stream for the company.
NIO has more than 150 automated battery exchange stations operating in China. Drive-in stations can “recharge” an NIO by replacing a new battery in about 3 minutes, considerably less time than it would take to recharge at a charging station.
What now
NIO said it would reveal its next model, a sedan, at its annual “NIO Day” event on Saturday. The company said it will also update investors and customers on the status of its self-targeting development program and other new technologies at the event.
NIO is expected to release its fourth quarter and full year financial results in mid-February.