Nio's May deliveries up 13.1% as Firefly rolls out, but stock hovers near 52-week low
[SINGAPORE] Chinese electric vehicle (EV) maker Nio delivered 23,231 vehicles in May, marking a 13.1 per cent increase year on year, the company said in a regulatory filing on Sunday (Jun 1).
This was, however, about 2.8 per cent fewer vehicles compared to Nio's delivery of 23,900 vehicles in April.
Of the deliveries made in May, the company said 13,270 were from its premium smart EV brand Nio, 6,281 from its family-oriented smart electric vehicle brand Onvo, and 3,680 from its small smart high-end electric car brand Firefly.
As at end-May, Nio's cumulative deliveries reached 760,789 vehicles – about 47 per cent higher than the 515,811 vehicles delivered as at May 31, 2024.
Firefly is the latest brand to join Nio's portfolio, having officially launched on Apr 19, with deliveries in China starting later that same month. As part of its initial rollout, Firefly delivered 231 vehicles in April.
The launch of its Firefly brand follows the company's weak performance in the fourth quarter, with a net loss of 7.1 billion yuan (S$1.3 billion) despite delivering a record number of vehicles in that period. This brought Nio's net loss for the 2024 financial year to 22.4 billion yuan.
Nio is listed on the New York Stock Exchange, with secondary listings on the Singapore Exchange and Hong Kong Exchange.
Its shares have fallen about 31.6 per cent over the past year, closing at US$3.54 on Friday.
As at 2 pm on Monday, Nio's shares were down US$0.10 or 2.7 per cent at US$3.54 – near its 52-week low of US$3.21, and a far cry from its October 2024 peak of US$7.56.
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