**Chinese EV Giant Nio Soars on Skyrocketing Deliveries**
**Record-Breaking Surge in Vehicle Sales**
LA News Center reported that Chinese electric vehicle (EV) powerhouse, Nio, witnessed a remarkable surge in its stock price on Thursday, skyrocketing by an impressive 20%. This exuberant rise stemmed from the company’s extraordinary vehicle delivery figures for April, which more than doubled compared to the previous year.
- Nio’s Hong Kong-listed shares surged as high as 23%, reaching HK.20, their pinnacle in over six weeks.
- The Nio share surge also contributed to the robust performance of the broader Hang Seng index, which witnessed a 2% ascent by midday.
- Nio’s remarkable delivery performance consisted of 8,817 premium smart electric SUVs and 6,803 premium smart electric sedans.
**Expanding Market Share and Partnerships**
The company’s impressive performance this year is evident in its total vehicle deliveries, which stand at a remarkable 45,673 units. This figure represents a substantial 21.2% increase compared to the same period last year.
Nio’s expansion strategy has been bolstered by its growing battery swap partnerships. This initiative aims to alleviate customer concerns about driving range and further consolidate Nio’s position in the competitive EV ecosystem.
**Fierce Competition Heats Up**
Other Chinese EV giants, including Li Auto, Xpeng, and BYD, also unveiled their April delivery figures on Wednesday. While most reported substantial growth, Li Auto was the exception, with deliveries dipping below the previous month’s figures.
- Li Auto delivered 25,787 vehicles in April, marking an 11% decline from March. Despite this, its Hong Kong-listed shares still managed to gain 3%.
- Xpeng announced a delivery count of 9,393 EVs in April, a modest 4% increase from the preceding month.
- BYD’s EV sales volume reached 313,245 units in April, a 3.6% increase from March’s 302,459 units.
- Hong Kong-listed shares of Xpeng and BYD jumped 7.5% and 5.5%, respectively.
**Price Wars Intensify**
The Chinese EV market has become a battleground for price wars, as local manufacturers vie to undercut industry behemoth Tesla. Tesla’s recent price cuts in China and other key markets have triggered a wave of competitive responses from its Chinese rivals.
Li Auto has joined the price reduction fray, while Xiaomi, the Chinese smartphone maker, has entered the EV arena with its recently launched SU7 EV priced thousands of dollars below Tesla’s Model 3. Despite selling its EV at a lower price point, Xiaomi anticipates breaking even sooner than initially projected due to strong sales performance.
Data sourced from: cnbc.com
