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Nio's Stock Soars Over 20%: April EV Deliveries Double

Nio Inc., the Chinese electric vehicle maker, witnessed a remarkable 20% surge in its stock on Thursday
May 3, 2024

In a remarkable surge, shares of Chinese electric vehicle (EV) maker Nio Inc. soared by 20% following a significant increase in its vehicle deliveries for April. This surge not only boosted Nio's stock but also had a positive impact on the broader Hang Seng index, which rose by 2% during midday trading.

Nio reported a remarkable year-on-year increase of 134.6%, with a total of 15,620 vehicles delivered in April. These deliveries included 8,817 premium smart electric SUVs and 6,803 premium smart electric sedans. So far this year, Nio has delivered 45,673 vehicles, marking a 21.2% increase compared to the same period last year.

Aside from its impressive delivery figures, Nio has also been expanding its battery swap partnerships, aiming to gain an edge in the infrastructure aspect of the EV ecosystem. These efforts are focused on alleviating consumers’ concerns about driving range anxiety.

Other major Chinese EV makers, including Li Auto, Xpeng, and BYD, also reported their April delivery figures. Li Auto delivered 25,787 vehicles in April, although this marked an 11% decrease from March. Xpeng, on the other hand, reported a 4% increase in deliveries, totaling 9,393 EVs for April. BYD's sales volume for EVs in April reached 313,245, marking a 3.6% increase from March.

As competition in the Chinese EV market intensifies, major players find themselves engaged in a price war with U.S. automaker Tesla. This comes at a time when local automakers are striving to outsell Tesla with advanced technology and competitive pricing.

Tesla recently reduced the starting price of its Model 3 in China and other major markets, sparking a series of price reductions across the board. Li Auto and other EV makers have followed suit, reducing prices for several models. Moreover, Chinese smartphone maker Xiaomi has joined the competition by launching its electric car, the SU7, priced approximately $4,000 lower than Tesla's Model 3, and boasting a longer driving range.

The surge in Nio's April deliveries, along with the impressive performance of other major Chinese EV makers, underscores the growing demand for electric vehicles in the world's largest automobile market. As competition intensifies, price wars have become a common strategy among manufacturers vying for market dominance. With technological advancements and competitive pricing, the future of the Chinese EV market looks increasingly promising, challenging Tesla's dominance and reshaping the global automotive industry landscape.

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