Chinese electrical car maker NIO (NYSE: NIO) reported delivering simply over 7,100 autos in April, marking 125% progress over the comparable interval one yr in the past. The month included a number of days of misplaced manufacturing as the corporate joined different automakers in coping with the worldwide semiconductor scarcity.
Final week, NIO advised buyers that second quarter deliveries are anticipated to solely be about 7% increased than the 20,060 it reported for the primary quarter 2021. Again in March, NIO introduced that chip provide points would trigger it to take a five-day outage that bumped into a number of April manufacturing days. NIO founder, chairman, and CEO William Li expanded on that subject through the firm’s first quarter convention name final week. Li stated the corporate now expects the provision chain issues will “proceed to linger.”
NIO ES6 electrical SUV. Picture supply: NIO.
April deliveries have been led by the corporate’s ES6 SUV, which represented about 45% of car gross sales. Although NIO at the moment solely gives SUV fashions, the corporate will start promoting its ET7 luxurious sedan early subsequent yr. CEO Li stated the corporate is making an attempt to make the most of the compelled downtime by modifying manufacturing strains in preparation for the ET7 manufacturing.
NIO and its accomplice JAC Motor additionally kicked off building of a brand new industrial park in collaboration with the town of Hefei on April 29. The park will embody a brand new manufacturing facility to assist future manufacturing progress.
NIO reported a internet lack of about $70 million within the first quarter, which represented a few 70% enchancment in comparison with the fourth quarter of 2020. It additionally advised buyers that margins proceed to enhance, reporting car margin of 21.2% and gross margin of 19.5%.
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