NIO Sold 1,573 ES8 Electric SUVs In October: Targets 7,000 In Q4 2018
NIO intends to sell 10,000 ES8 by the end of 2018.
Together with 100 ES8 sold in June, and 1,573 in October, total volume reached 4,941. The latest result is lower than in September, but sales were affected by the seven-day Golden Week national holiday in China.
“Deliveries of the ES8 in October 2018 reached 1,573 vehicles. October deliveries were partially impacted by the seven-day Golden Week national holiday, during which the deliveries were slowed down for vehicle registration office closures and the Company made production line modifications to accommodate ES6 production, the 5-seater premium SUV targeted for launch by the end of 2018.”
NIO ES8 sales in China
Besides the launch of the second BEV model – the ES6 – NIO intends to sell 10,000 ES8 this year, including 6,700-7,000 in the fourth quarter.
That would mean that expected average sales in November-December will be 1,700-1,850 per month.
NIO noted RMB 1,469.6 million ($214.0 million) of revenues in the third quarter, but it’s just a fraction of net loss of RMB 2,810.4 million ($409.2 million).
The conclusion from that is NIO needs to increase its sales volume significantly to become profitable at some point in the future.
As of the end of September, NIO had RMB 9,153.4 million ($1,332.8 million) of cash and cash equivalents, restricted cash and short-term investment.