Chinese EV start-up Nio forecasts sales jump for June, targets up to 25,000 deliveries for second quarter

The Shanghai-based carmaker said on Friday that it would hand over 23,000 to 25,000 cars to customers in the second quarter. Based on its deliveries of 6,658 cars in April and 6,155 vehicles last month, Nio is poised to sell 10,187 to 12,187 cars in June. The projected monthly delivery number translates into a surge over May of between 66 and 98 per cent.

“The forecast is the latest sign that China’s EV builders might see a strong sales recovery,” said Gao Shen, an independent analyst in Shanghai. “A rebound in sales by indigenous brands will take place in the second half, when their new models hit the market.”

Tesla initiated a price war on the mainland with a price cut in late October, which was followed by another round of heavy cuts in early January, prompting dozens of carmakers, including petrol car assemblers and EV manufacturers, to slash prices so as to retain their market shares. Nio, however, has kept the prices of its cars nearly unchanged so far this year.

In the middle of last month, Citic Securities said in a research note that the price war in China’s domestic car industry might come to an end, as carmakers were refraining from offering further discounts to attract budget-conscious customers.