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Nio (NYSE:NIO) stocks fall further after Chinese electric car (electric) company released its delivery figures for July. Nio delivered 20,498 vehicles, up 0.18% from 20,462 vehicles a year ago. Premium smart electric SUVs accounted for 11,964 of the deliveries, while premium smart electric sedans accounted for 8,534.
Still, July was the third consecutive month with more than 20,000 deliveries. In June, the company posted a record monthly high for deliveries of 21,209 vehicles.
For 2024, Nio has now delivered a total of 107,924 vehicles, an increase of 43.9% year-on-year.
NIO shares are also falling today on a weak update to the Caixin/S&P Global manufacturing Purchasing Managers’ Index (PMI). The PMI came in at 49.8, below analysts’ estimate of 51.5. It was also the lowest reading since October last year and down from the last reading of 51.8. A reading of 50 marks the boundary between growth and contraction.
“The most prominent problems are still insufficient effective domestic demand and weak market optimism,” said Wang Zhe, economist at Caixin Insight Group.
NIO Stock: Nio Delivers 20,498 Vehicles in July
So what’s next for Nio? Amid a housing crisis in China, consumers are less likely to gravitate toward luxury vehicles. Nio thinks it can meet this demand with the launch of a new, more affordable brand called Onvo.
The brand’s first vehicle, called the L60, will be released in late September. It aims to compete with Tesla’s (NASDAQ:TSLA) Model Y.
Pre-orders for the SUV are currently open, with a starting price of 219,900 CNY, or $30,350. That’s a significant discount compared to Nio’s other vehicles, which range between 300,000 and 600,000 CNY.
Meanwhile, Nio recently held its IN 2024 Tech Day, unveiling several new developments, including the presentation of its Shenji NX9031 chip for autonomous driving.
“Tape-out is a technical term used in the chip industry that refers to the process of converting a circuit design into a chip that can be produced on an assembly line after the chip design is complete,” explains CNEV message.
The chip still needs to pass several standards post-tape-out before mass production can begin. The company’s upcoming ET9 sedan will feature the chip, with deliveries scheduled for the first quarter of 2025.
On the date of publication, Eddie Pan had no (direct or indirect) positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to InvestorPlace.com Publication Guidelines.
On the date of publication, the responsible editor had no positions (either directly or indirectly) in the securities mentioned in this article..
Eddie Pan specializes in institutional investing and insider activity. He writes for InvestorPlace’s Today’s Market team, which focuses on breaking news about hot stocks.
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