Chinese premium electric car-maker Nio (NYSE: NIO) delivered 1,089 units of its seven-seater flagship SUV ES8 in May, marking the second consecutive month of decline. In April and March, the company had delivered 1,124 and 1,373 units respectively.
The company had earlier warned of weakness running into the current quarter due to a greater-than-anticipated slowdown in monthly deliveries, driven by a cut down of EV subsidy and slow macro-economic conditions in China caused by the trade war with the US. A muted Chinese automobile market added to the slowdown in the deliveries.
In the first two months of the quarter, the company has delivered a total of 2,213 vehicles. Hence it may be safely assumed that the company is on track to meet its delivery guidance for the second quarter, which was set in a range of 2,800 and 3,200 units. It may be noted that this outlook incorporates the planned deliveries of several hundred ES6s in June 2019.
Taking into account the May figures, the Shanghai-based firm has so far reported 17,550 cumulative units of ES8 deliveries.
Nio founder and CEO William Li said, “With April and May deliveries completed, we now anticipate full second quarter ES8 deliveries to be near the top of, or to exceed, the Company’s prior guidance range of 2,800 to 3,200 quarterly deliveries. We are also pleased that ES6, our 5-seater, sporty high-performance premium electric SUV, is on schedule to commence deliveries to users later this month.”