NIO Q1 2021 Beats Expectations, EV Deliveries Up 422% Year-Over-Year

NIO vs Tesla chart; via SCMP

China-based electric vehicle (EV) maker NIO saw record EV deliveries in this year’s first quarter, with the company’s sales surging fivefold to 7.98 billion yuan ($1.23 million USD), according to the automaker.

NIO saw a net loss of $68.8 million US in Q1, a 73% decrease from the year-ago quarter. The company has $7.3 billion cash on hand.

Deliveries of vehicles were 20,060 in the first quarter of 2021, including 4,516 ES8s, 8,088 ES6s and 7,456 EC6s, representing an increase of 422.7% from the first quarter of 2020 and an increase of 15.6% from the fourth quarter of

NIO delivered 20,600 EV units in the year’s first quarter, an increase of 422% from the year-ago quarter, and a 15.6% increase from Q4 2020.

The record-breaking quarter also comes at a time when companies around the world including NIO were forced to delay production due to a global semiconductor chip shortage.

William Li, NIO founder and chief executive, said in a statement, “The overall demand for our products continues to be quite strong, but the supply chain is still facing significant challenges due to the semiconductor shortage.”

Li continued, “In light of the strong momentum under a volatile macro environment, we expect to deliver 21,000 to 22,000 vehicles in the second quarter of 2021.”

NIO and fellow Shanghai-based automaker Xpeng Motors were still dwarfed by Tesla, despite both having record-breaking first quarters. Earlier this week, JPMorgan said NIO and Xpeng were Tesla’s best rivals for global market share.

In January, NIO unveiled its flagship sedan, the ET7, which is the world’s first EV with a range up to 621 miles per charge.