By Michael Elkins
Chinese electric vehicle maker, Nio Inc. (NYSE:NIO) announced its August 2022 delivery results Thursday. According to the company’s press release, the auto manufacturer delivered 10,677 vehicles in August, representing an increase of 81.6% year-over-year.
The deliveries consisted of 7,551 premium smart electric SUVs, and 3,126 premium smart electric sedans. Cumulative deliveries of NIO vehicles reached 238,626 as of August 31, 2022.
In August, the production and delivery of the ES7, a mid-large five-seater premium smart electric SUV based on NIO Technology 2.0 (NT2), started to ramp up steadily. 398 ES7s were delivered to users in August 2022.
Earlier this week, a Deutsche Bank analyst released a note lowering the firm’s price target on NIO shares to $39 from $45 while maintaining a Buy rating. The analyst said it expects “a mostly in-line quarter with investor attention focused on the second half outlook, following weak guidance from both LI/ XPEV.”
With the gradual opening of its second plant in NEO Park in September and the start of the ET5 model production, NIO is expected to return to growth in deliveries quarter after quarter.