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Nio Reports Deliveries of 707 Vehicles in February 2020; 2,305 Vehicles in 2020 in Total

NIO Inc. ("NIO" or the "Company") (NYSE: NIO) today provided its February 2020 delivery results.

Benzinga · 03/10/2020 09:30

NIO Inc. ("NIO" or the "Company") (NYSE: NIO) today provided its February 2020 delivery results.

NIO delivered 707 vehicles in February 2020, consisted of 671 ES6s, the Company's 5-seater high-performance premium electric SUV, and 36 ES8s, the Company's 7-seater high-performance premium electric SUV and its 6-seater variant. The Company plans to commence deliveries of the new ES8 in April 2020. As of February 29, 2020,cumulative deliveries of the ES8 and the ES6 reached 34,218 vehicles, of which 2,305 vehicles were delivered in 2020.

"The novel coronavirus has broken out in China since the end of January 2020. While the overall passenger vehicle sales in China took a hit and slumped over 78% year on year in February 2020, NIO's deliveries had declined by 12.8% year on year for the same period," said William Bin Li, founder, chairman and chief executive officer of NIO. "Deliveries have been constrained as services are being cautiously reopened and people are encouraged to avoid unnecessary close-range contact. In addition, the production has started ramping up gradually from the middle of February and supply chains have remained challenging.

"Nevertheless, with most NIO Houses and NIO Spaces staying in full or partial operation, we have aggressively explored a variety of online traffic channels to promote our products, technologies and services to potential users. Our direct sales model, enabled by well-developed purchase functions on the NIO app, has played a critical role in this sales environment. We are pleased to see positive responses from different channels, which are being translated to encouraging order numbers," concluded Mr. Li.

Steven Feng, chief financial officer of NIO, added, "We expect that it will take time for the industry and NIO to resume normal productions. We will keep monitoring and coordinating supply chain resources and accelerate productions to fulfill the growing demand."