Bin Li, CEO of Chinese electric vehicle startup NIO Inc., celebrates after the doorbell as NIO stock goes to trading on the New York Stock Exchange (NYSE) during the company’s initial public offering (IPO), New York, September 12, 2018.
Brendan McDermid | Reuters
BEIJING – Chinese electric car start-up Nio has had a solid start to the year, even if there is still a long way to go to catch up with market leader Tesla.
The company announced on Monday it had delivered 7,225 vehicles in January, more than four times the 1,598 vehicles delivered in the same month last year.
Last month’s numbers also mark Nio’s sixth consecutive month of record shipments, bringing the startup’s cumulative shipments to 82,866.
It took Nio about six years to reach this point, while Tesla delivered 180,570 cars in the last three months of 2020 alone.
Nio’s shares, listed on the New York Stock Exchange, are up 17% year-to-date, just ahead of Tesla’s 19% gain. Both stocks outperform the S&P 500 by around half a percent.
Xpeng, another US-listed Chinese electric car company, is up 15% year-to-date.
Xpeng announced on Monday that it had shipped 6,015 electric cars in January, a third record month in a row. The company’s P7 sedan made up more than half of last month’s deliveries, a total of 18,772 since mass launch began in late June.