Who stated EV gross sales have been slowing? NIO kicked off building on its third EV plant as the prevailing two can not meet demand. Amid studies that the brand new plant will enhance manufacturing capability to that of Tesla’s Shanghai plant, NIO’s president clarified rumors.
NIO begins building at third EV plant to fulfill demand
NIO president and co-founder Qin Lihong confirmed the EV maker has began constructing its third manufacturing facility. The brand new plant might be used to construct NIO and Onvo model electrical vehicles.
Though a Reuters report from earlier at the moment claimed three sources accustomed to the matter stated NIO’s third manufacturing facility would elevate its complete manufacturing capability to 1 million, roughly the identical as Tesla’s Shanghai plant, new particulars have emerged.
The report stated NIO’s new manufacturing facility has been authorized with 600,000 annual manufacturing capability, placing the EV maker’s complete capability on par with that of Tesla’s Shanghai plant (1.1 million).
NIO’s president clarified that building has begun, however the brand new plant will be capable of produce 100,000 models a 12 months on a single shift.
Lihong informed Blue Whale Information that NIO’s present manufacturing capability (at its two present crops) had reached its single-shift capability attributable to larger demand. In different phrases, NIO must construct extra EVs, he added, “NIO doesn’t have an overcapacity downside.”
Demand is outweighing manufacturing capability
The information comes after NIO had a record-breaking Month in Could, delivering 20,544 EVs, up 234% from final 12 months.
NIO delivered 12,164 electrical SUVs and eight,380 sedans. With that, NIO’s cumulative deliveries topped 500,000 (515,811) as of Could 31, 2024.
NIO has now delivered 66,217 autos YTD, up 51% year-over-year. The gross sales progress is fueled by the model’s refreshed lineup.
After opening orders for seven up to date fashions in February, together with the 2024 ET5, ET5T, EC6, ES6, EC7, and ES8, the ET7 was the most recent mannequin added to the lineup in April.
NIO’s new ET7, powered by a large 150 kWh esmi-solid state battery pack, broke a report for a mass-produced EV after CEO William Li drove it for 1,145 km (711 mi). The 14-hour occasion was live-streamed, and the ET7 even had an additional 3% cost left.
After topping 20,000 deliveries final month, a number of analysts consider NIO’s momentum will proceed.
| NIO Onvo L60 vs Tesla Mannequin Y trims | Vary (CLTC) |
Beginning Worth |
| NIO Onvo L60 (60 kWh) | 555 km (341 mi) | 219,900 yuan ($30,500) |
| NIO Onvo L60 (90 kWh) | 730 km (454 mi) | TBD |
| NIO Onvo L60 (150 kWh) | +1,000 km (+621 mi) | TBD |
| Tesla Mannequin Y RWD | 554 km (344 mi) | 249,900 yuan ($34,600) |
| Tesla Mannequin Y AWD Lengthy Vary | 688 km (427 mi) | 290,900 yuan ($40,300) |
| Tesla Mannequin Y AWD Efficiency | 615 km (382 mi) | 354,900 yuan ($49,100) |
NIO launched the Onvo L60 final month, the primary of its new mass-market model. Beginning at $30,500 (219,900 yuan), the brand new electrical SUV undercuts Tesla’s top-selling Mannequin Y, which begins at 249,900 yuan ($34,600) in China.
In a current investor notice, Deutsche Financial institution analyst Wang Bin’s staff stated with the brand new L60 launching in September, “We predict Nio’s expectation of month-to-month >20,000 unit supply is achievable with enhance from Onvo.”
Supply: CNeVPost, NIO
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