Deliveries
Nio’s Battery as a Service (BaaS) model has been gaining widespread acceptance and achieved a penetration of over 40% among new orders in December. On January 9, at its NIO Day, the company plans to unveil its new sedan model.
Nio achieved triple-digit growth in its deliveries for both November and October as well. In the third quarter of 2020, the company delivered a growth of over 146% in vehicle sales and total revenues. For the fourth quarter of 2020, Nio has guided for revenues to grow 119-126% year-over-year to a range of $921.8-947.9 million.
Competition
Nio competes with its much larger rival Tesla Inc. (NASDAQ: TSLA), who also reported its deliveries for the fourth quarter and full year of 2020 this week. For the fourth quarter of 2020, Tesla’s total production amounted to 179,757 vehicles while deliveries totaled 180,570 vehicles. For the full year of 2020, production totaled 509,737 vehicles and deliveries amounted to 499,550 vehicles.
This number was in line with its most recent guidance and the company also stated that the production of its Model Y has started in Shanghai and that deliveries are expected to begin shortly.
During the third quarter of 2020, Tesla saw revenues grow 39% year-over-year helped by higher vehicle deliveries but the company’s average selling price saw a slight drop as product mix shifted from Model S and Model X to the more affordable Model 3 and Model Y.
Stock
Nio’s shares were up 6% in midday hours on Monday. The stock has jumped over 144% in the past three months and more than 1,200% over the past year.