Chinese Electric-Car Maker Nio Doubled Sales in August

Electric-car maker Nio doubled its sales for August. The Shanghai company continues to strengthen its production capacity.
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Electric-car maker Nio  (NIO) - Get Report doubled its car sales to 3,965 for August, the company said in a statement on Thursday.

The Shanghai company sold 2,840 units of the ES6, a 5-seater premium smart electric SUV, and 1,125 units of the ES8, a 6-seater and 7-seater flagship premium smart electric SUV model.

Nio recently reported its first quarterly profit, aided by a $1 billion cash infusion from state-owned entities in April. 

The premium electric car maker also received a capital infusion from early investor Tencent Holdings this year.

And the company on Monday said it planned to raise $1.7 billion via the sale of American depositary shares. 

In early July, Nio reported second-quarter deliveries totaled 10,331 vehicles. The company has benefited from pent-up demand after covid-19-enforced lockdowns and restrictions were eased. 

Its total deliveries for the first half of the year were 14,169 units. 

The company targets capacity of 5,000 vehicles in September, its founder, chairman and chief executive, Li Bin, said in a statement. 

"As we continue to improve the production capacity for all Nio products, our monthly capacity will reach 5,000 units in September to support our future deliveries," said Li.

So far NIO has shipped 21,667 models in 2020 in total. Bloomberg News reported the year-earlier figure at 20,565. That's an increase of 5.4% year over year.

Nio's shares at last check fell 1.1% to $19.69.

Shares of Tesla,  (TSLA) - Get Report the Palo Alto, Calif., electric-vehicle producer, at last check were off 4.2%. 

On Wednesday the Edinburgh investment firm Baillie Gifford, the largest institutional investor in the company, said it had scaled back its stake to below 5% from 6.32% in line with its portfolio guidelines.