Nio (NIO) – Get the report from NIO Inc. (China), a Chinese electric vehicle (EV) maker, is struggling like all but one electric vehicle (EV) company. It’s not Tesla TSLA and that means it still has a long way to go to meet expectations, even though it has a large market capitalization (about $39 billion as of the morning of Feb. 1).
Tesla has set the bar high. It’s an innovative company that backed up its bravado (or at least CEO Elon Musk’s bravado) with actual vehicle sales. The leader in electric vehicles has reached a pace of around one million vehicles delivered per year, which puts Nio well behind its rival.
It’s not an easy number to reach, but Nio’s latest production numbers at least show some progress.
How many vehicles did Nio make in January?
Nio delivered 9,652 vehicles in January, marking a 33.6% year-on-year increase, led by the company’s five-seat ES6 high-performance smart electric SUV.
The majority of the month’s sales came from the company’s ES6 and EC6 electric SUV, which recorded 2,874 deliveries.
To help push adoption, Nio says it has accelerated its power grid rollout. As of Jan. 31, the Shanghai-based company had built 836 power exchange stations, 3,766 power chargers and 3,656 destination chargers.
Nio is preparing to make a run in the US market and has hired a local team of experts in the country, according to a news outlet.
The news came weeks after the Shanghai-based company announced plans to enter Germany, the Netherlands, Denmark and Sweden in 2022, and reach 25 countries by 2025, during its annual Nio Day event.
Nio arrives for the Tesla spot
Tesla, as noted above, delivered nearly one million vehicles in 2021 in an effort to solidify its position as the global market share leader for electric vehicles.
However, the company’s market share is shrinking as competition intensifies in the battery-powered vehicle sector. Analyst firm IHS Markit predicts Tesla’s share of the U.S. electric vehicle market was 56% at the end of 2021, up from 79% a year earlier, according to CarExpert. (These numbers are relative as the overall market has grown).
Nio said it will enter Germany, the Netherlands, Denmark and Sweden in 2022 and reach 25 countries by 2025, during its annual Nio Day event.
Nio delivered 24,439 vehicles in Q3 2021. That roughly doubled its total from the previous year. The company ended the year with more than $7 billion on its balance sheet. It expects to deliver between “23,500 and 25,500 vehicles, an increase of approximately 35.4% to 46.9% over the same quarter of 2020,” the company said in its third quarter earnings report. .
Nio has ground to cover in the United States
Ford (F) – Get Ford Motor Company report became number two in electric vehicle sales in 2021, led by its Mustang Mach-E, which sold 27,140 vehicles in 2021, making it the second best-selling all-electric SUV in the country behind the Model Y of You’re here.
General Motors (GM) – Get General Motors company report currently only sells two electric vehicles in the United States, the Chevrolet Bolt and the Bolt EUV.
Earlier this month, GM introduced a Chevrolet Silverado electric pickup truck.
In addition to traditional automakers looking to turn their gas-powered fleets into an electric model, the U.S. EV market also has startups looking to subvert Tesla.
Lucid (LCID) – Get the report from Lucid Group, Inc. managed to get a market cap of $70 billion despite only starting delivering cars by the dozens in October.
Lucid CEO Peter Rawlinson said he expects to produce about half the number of vehicles Tesla produced in 2021 in about eight years.