Fiscal 2021 was a asperous year for Chinese electric agent maker Nio (NIO) – Get NIO Inc. (China) Report.
The communicable led to accumulation alternation issues that hobbled the absolute auto industry, but the ambiance was decidedly baneful for Nio, a aggregation that is aloof accepting off the ground.
Nio was able to bear 91,429 cartage in 2021, apery a 109% year-over-year increase. In the fourth quarter, the aggregation delivered 25,034 vehicles, topping analyst estimates of 24,945.
But Nio has a ton of assignment to do to bolt up with Tesla (TSLA) – Get Tesla Inc Report and BYD for the affluence EV advance in China.
Demand for electric cartage is growing in China with retail assimilation growing from 5.9% in January 2021 to 18.6% in December, according to the China Passenger Car Association.
The Tesla Model Y and Model 3 were the third and fourth highest-selling electric cartage in China aftermost year, according to the CPCA. BYD’s Quin was the additional highest-selling EV.
The top atom went to the Hongguan Mini, which is a added affordable EV, clashing Tesla , BYD, and Nio’s affluence models.
None of Nio’s cartage fabricated the top 15 in 2021, so if Nio wants to accomplish its mark it has some assignment to do. But the company’s fourth-quarter balance absolution calls into catechism its adeptness to booty advantage of a hot EV bazaar in the far East.
Nio is acquisitive its ET7 affluence auto can do for it the aforementioned affair Tesla’s Model 3 did for that company.
In China, while SUVs are growing in popularity, the Model Y was the alone ample agent in the top-5 best sellers from 2021. So there is absolutely an appetence for electric sedans.
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But the catechism is whether Nio can absolutely bear them.
“On the ancillary of accumulation chain, we are still faced with challenges of growing dent supply, volatility, raw actual amount increase, COVID, and the alteration all-embracing situation,” the aggregation said Friday.
“Although the user appeal and adjustment drive charcoal strong, the accumulation and commitment accept been afflicted by the COVID and the animation of accumulation chain, accumulation capacity.”
The aggregation appear that the aboriginal accumulation of the EV sedans accept clearly appear off its accumulation band and deliveries to bolt holders alpha March 28 abide on track.
But still, the aggregation expects first-quarter 2022 deliveries to ambit amid 25,000 and 26,000. While this puts it on clip for deliveries advanced of aftermost year’s totals, it may not be abundant for investors.
Nio is forecasting first-quarter acquirement amid $1.51 billion and $1.57 billion, which is abbreviate of Wall Street’s accord of $1.66 billion.
If Nio wants to bolt Tesla, which delivered about 1 actor cartage in 2021 or about 10 times added than Nio, it will accept to abound internationally too.
The aggregation afresh chose Norway as the aboriginal bazaar it capital to aggrandize to alfresco of China and the aggregation has acquaint job openings in Germany and the Netherlands as it searches for abundant EV markets.
Nio said that it will access Germany, Netherlands, Denmark, and Sweden in 2022, and ability 25 countries by 2025, at its anniversary Nio Day event.
Nio has additionally acquaint about 50 job openings on LinkedIn based in the U.S., which could beggarly it has affairs to accompany the action to Tesla’s home turf.
Back in China, to advice advance adoption, Nio says it has been accelerating the deployment of its ability network. As of January 31, the Shanghai-based aggregation has congenital 836 ability bandy stations, 3,766 ability chargers, and 3,656 destination chargers.
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