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Chinese Electric-Car Maker Nio Doubled Sales in August

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. 

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