Nio Inc (NIO)

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Nio Inc reports May delivery results: Sales dip, new models set to drive future growth
By: Investing.com | June 1, 2023

On Thursday, Nio Inc (NYSE:NIO), a leading Chinese manufacturer of high-end smart electric vehicles, revealed its delivery figures for May 2023, reporting a total of 6,155 vehicles delivered.

Results were down 7.55% from April, which was off 35.9% from March.

Nio began delivering the new ES6 on May 24. So the model won't make much of an impact on sales for the full month, but it could drive growth in June and the second half of 2023. However, the automaker has started or will start delivering several additional and updated models soon, including a new vehicle model based on the NT2.0, ET5 Touring, a mid-size smart electric tourer which the company will begin delivering to users in June 2023.

The company’s May deliveries consisted of 2,396 premium smart electric SUVs, and 3,759 premium smart electric sedans. Cumulative deliveries of NIO vehicles reached 333,410 as of May 31, 2023.

On June 9, Nio is set to report Q1 earnings. It will likely give Q2 delivery guidance at the same time.

Shares of NIO are down 3.32% in pre-market trading on Thursday.

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