BRIEF: Nio falls further behind annual sales target with slowing growth
Electric vehicle maker Nio Inc. (9866.HK, NIO.US,) announced it delivered 21,181 vehicles in September, up 35.4% year-on-year, bringing its third-quarter sales to a quarterly high of 61,855 vehicles, up 11.6%.
Despite the double-digit gains, the company continued to fall behind its annual sales target as growth of China’s EV market slows and larger players take share away from smaller ones. Nio set a sales target of 230,000 vehicles at the start of this year, but only delivered nearly 150,000 in the first three quarters, or about two-thirds of the target.
The company’s new Onvo brand launched its first model, the L60, in September and started delivering vehicles later in the month. The brand is aimed at family users, touting its greater reliability, safety and larger cabin space.
By Lau Chi Hang
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