Nio sees silver lining, predicting 32 per cent growth in third-quarter EV deliveries even if China’s slowdown deters most buyers

Nio said it may deliver up to 32 per cent more electric vehicles (EV) in the third quarter, sounding an optimistic note that defied the declining sales by its fiercest rivals in the world’s largest automobile market.

Deliveries may increase to between 31,000 and 33,000 EVs in the three months ending in September, compared with 25,059 units the Shanghai-based carmaker handed to customers in the second quarter, according to Nio.

The top end of the forecast means an increase of 7,941 cars from the previous three months, in sharp contrast to rivals Xpeng and Li Auto and their expectations of declining deliveries, as mounting concerns about job prospects deterred many middle-class drivers from committing to big-ticket items such as smart vehicles.

“Nio’s strategy of using multiple models to reach out to more customers proves to be successful,” said Eric Han, a senior manager at business ­advisory firm Suolei in Shanghai. “The premium EV segment in China will see fierce competition in the coming months as a raft of new models will hit the market.”

Nio has six different models of EVs in production, including the ET7 luxury sedan, and the ES8 premium sports-utility vehicle (SUV), all of which are aimed at high-income customers.

“We saw robust orders for the ET7 and started its deliveries at scale in August,” Nio’s co-founder and chief executive William Li said after the company’s second-quarter results. “We also look forward to starting the mass production and delivery of the ET5 in late September.”