NIO (NYSE:NIO): How did this EV stock perform in the June quarter?

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NIO (NYSE:NIO): How did this EV stock perform in the June quarter?

 NIO (NYSE:NIO): How did this EV stock perform in the June quarter?
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Highlights

  • NIO, the Chinese carmaker manufacturer’s premium electric vehicles integrated with artificial intelligence and next-gen technologies.
  • It has recently provided its Q2 results ended 30 June 2021, delivering 21,896 vehicles in the said quarter, with an increase of 111.9% on pcp.
  • It has obtained European Whole Vehicle Type Approval in June 2021, for its NIO ES8 model, an essential to penetrate the Norwegian and the EU market at large.

NIO Inc. (NYSE:NIO) is a Chinese automobile manufacturer, which builds and sells smart and connected electric vehicles. The Company makes use of next-generation technologies, as well as artificial intelligence, in manufacturing autonomous driving electric vehicles.

Related Read: Which electric cars are available in NZ? Are EVs environmentally friendly?

Source: © Andreistanescu | Megapixl.com

Do Read: XPeng Inc (XPEV) and NIO Inc (NIO): 2 trending Chinese EV stocks

Know NIO’s fleet

The carmaker boasts a wide range of electric vehicles, which consists of five, six as well as seven-seater electric SUVs. Its fleet also consists of smart electric sedans. Some of its famous cars include ES8, a seven-seater premium electric SUV, ES6, officially launched in 2018, which is a five-seater high-performance premium smart electric SUV. Its model EC6 is a five-seater premium crossover SUV.

Interesting Read: Are these the 10 hottest electric vehicles of 2021?

A look into the carmaker’s Q2 2021 performance

In its last month released Q2 results ended 30 June 2021, the carmaker delivered 21,896 vehicles in the June quarter, up 111.9% Y-o-Y, and comprised 9,935 ES6s, 7,528 EC6s, and 4,433 ES8s.

Only in June 2021, the Company sold 8,083 vehicles, thereby clocking a monthly record of 116.1% growth on YoY.

As of 30 June, NIO’s total deliveries of ES8, ES6, and EC6 touched over 117,590 vehicles.

Related Read: Why NIO Stocks (NYSE:NIO) Are The Target of Wall Street Investors

For the quarter ended June 2021, the Company reported a gross profit of US$243.8 million, up 1.2% from Q1 2021. Also, its total revenue clocked US$1,308.4 million, rising by 5.8% as compared to Q1 2021.

Its cash-and-cash equivalents stood at US$7.5 billion towards the end of June 2021.

Related Read: Will EV Market Help New Zealand Reach Zero Carbon Level?

Foraying into Norwegian and EU markets

In July 2021, the Company shipped its first batch of NIO ES8 to Norway and its order placement and user delivery are likely to commence from September 2021.

Moreover, the model has received European Whole Vehicle Type Approval (EWVTA), a new statutory regulation for vehicle approval in the European Union, thus paving the way to enter Norway and the European market.

Also, during the last month period, NIO delivered 7,931 automobiles, indicating a solid 124.5% increase on Y-o-Y basis. Also, collective supplies of NIO ES38, NIO E36 and NIO EC6 stood at 125,528 vehicles as on 31 July 2021.

Also Read: Lexus EV To Be Launched In New Zealand Before 2021 Ends; Government Mulling Over Feebates

Bottom Line

With increasing awareness towards the environment and for a cleaner and greener tomorrow, electric vehicles' popularity is quickly catching up with people, a new trend that is also revolutionising the automobile industry. Companies such as NIO and other EV manufacturers are sure to gain from the recent trend.

On 16 August, at the market close, NIO dipped by 5.87% at US$38.62.

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