Nio (NIO) ends 2020 on a high note with triple-digit growth in deliveries

Nio Inc. (NYSE: NIO) reported strong growth in deliveries for the month of December, the fourth quarter and the full year of 2020, thereby recording a solid finish to the year. Deliveries grew in the triple-digits during these periods and exceeded the higher end of the company’s guidance.

Deliveries

Nio delivered 7,007 vehicles in December, reflecting a growth of 121% from the same period last year. This comprised of 2,009 ES8s, 2,493 ES6s and 2,505 EC6s. For the fourth quarter of 2020, the company delivered 17,353 vehicles, which was up 111% year-over-year and ahead of its guidance. For the full year of 2020, Nio delivered 43,728 vehicles, up 112.6% year-over-year. Cumulative deliveries of ES8, ES6 and EC6 reached 75,641 as of December 31, 2020.

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.