Many analysts have increased their outlook on NIO recently, and while the Tesla-rivaling Chinese electric vehicle (EV) startup still has a long way to go if it hopes to catch up to Tesla, its recent quarterly sales report is telling.
According to a press release from NIO on Thursday, the company delivered 8,083 vehicles in June 2021, a 116.1 percent increase Year-Over-Year (YoY), with 21,896 vehicles delivered between April to the end of June – a 111.9 percent YoY increase.
In addition to the impressive second quarter, NIO also shared that, as of Wednesday, total deliveries of the ES8, ES6, and EC6 had reached a cumulative milestone of 117,597 units.
BYD EV Automaker, Backed by Warren Buffet, is Outselling Rivals in China https://t.co/A5rPV891AS
— TeslaNorth.com (@RealTeslaNorth) January 6, 2021
NIO’s first-quarter sales report beat out expectations, with the company having achieved a 422 percent delivery increase YoY – despite the ongoing semiconductor chip shortage.
Last month, Chief Investment Officer at Navellier said NIO will replace Tesla as China’s top EV maker. JPMorgan has also said that NIO and fellow Chinese automaker Xpeng are Tesla’s most likely rivals for global market share.
CEO and Founder William Li Binn said in May that NIO hopes to have its cars in at least five European countries by next year, specifically including Norway.