Nio Inc (NYSE:NIO) said on Tuesday deliveries fell in February over last month as the U.S. listed Chinese electric vehicle maker suspended production during the spring festival.
What Happened: Nio said it delivered 6,131 electric vehicles last month, a decline of 36.4% over January and a rise of 9.9% over February 2021.
The Shanghai-headquartered Nio said it delivered 1,084 six-seater and seven-seater ES8 SUVs, 3,309 five-seater ES6s and 1,738 five-seater EC6 coupe models.
Nio has cumulatively delivered 182,853 vehicles as of January.
See Also: Nio Deliveries Fall 8% Sequentially In January With Lunar New Year Holidays: What You Need To Know
Nio said it had suspended production at the NIO-JAC manufacturing plant in the Spring Festival holiday from Jan. 31 to Feb. 6 and adjusted the production lines to prepare for the delivery of ET7 in March 2022.
The EV maker also announced today it will report its fourth-quarter and full-year 2021 results on March 24, about a month later than usual.
Why It Matters: This is the third straight month when Nio’s deliveries have declined sequentially.
Last month, rivals Xpeng Inc (NYSE:XPEV) and Li Auto Inc (NASDAQ:LI) had reported significantly higher delivery numbers than Nio.
Xpeng in January sold more cars last month than each of the local rivals Nio, and Li and as well as Germany’s Volkswagen Group’s (OTC:VWAGY) ID series of electric vehicles but lower than Tesla Inc (NASDAQ:TSLA).
Investors are looking closely at delivery numbers for China’s homegrown electric vehicle startups as they continue to ramp up deliveries and expand in local as well as overseas markets.
Nio on Monday said it has secured a key approval for a secondary listing in Hong Kong after months of delays due to questions about the company’s user trust holdings.
Price Action: Nio shares closed 9.07% higher at $22.84 a share on Monday. The stock is down 32% so far this year.
Photo: Courtesy of Nio
