As competition for electric vehicle (EV) production continues to ramp up in the world’s largest auto market, one particular EV company is seeing sales surge as the year goes on.
China-based electric automaker NIO unveiled its July 2021 delivery update on Monday, which showed that the company delivered 7,931 EVs in July – marking a 124.5 percent increase year over year. In addition, the company’s total cumulative deliveries of its ES6, ES8, and EC6 models officially reached 125,528 as of July 31, according to the release.
Citi Increases NIO Price Target, Citing EV Demand in China https://t.co/UPLkBbERG8
— TeslaNorth.com (@RealTeslaNorth) June 1, 2021
One analyst predicted that NIO will replace Tesla as China’s top EV manufacturer, and another firm says NIO and China-based Xpeng Motors are the most likely to rival Tesla for global market share.
Last month, NIO announced it delivered 21,896 units throughout the year’s second quarter, which amounted to a 112 percent increase year over year.
While NIO’s growth throughout the year has been slowed by the ongoing chip shortage, the company is also among a handful of EV makers poised to challenge Tesla in the Norwegian market – which has one of the world’s highest EV adoption rates as the burgeoning industry finds its footing.
Earlier this year, NIO’s battery swap stations also reached 2 million EV battery swaps, just weeks before Tesla CEO Elon Musk congratulated the company for 100,000 EVs produced – and with many more to come.
