Nio Deliveries Jump 125% In September As It Debuts In Norway, Rival Xpeng Registers 199% Growth

Chinese electric vehicle maker Nio Inc (NYSE: NIO) said on Friday its global deliveries more than doubled in September as it completed the first batch of deliveries in Norway.

What Happened: Nio delivered 10,628 vehicles globally during the month, a jump of 125.7% year-over-year and also an all-time high for the company that was struggling to register growth in deliveries in the last few months. This represents an 80.7% month-on-month rise in deliveries for Nio.

The monthly delivery split for the Shanghai-headquartered electric vehicle maker was 1,978 six-seater and seven-seater ES8 SUVs, 5,260 five-seater ES6s and 3,390 five-seater EC6 coupe models.

Nio has cumulatively delivered 142,036 vehicles as of September.

Rival Xpeng Inc (NYSE: XPEV) delivered 10,412 vehicles in September, a jump of 199% year-over-year and a 44.3% sequential rise.

Deliveries in September were lifted by P7 electric sports sedan volumes at 7,512 units. The company delivered 2,656 G3 and G3i smart SUVs as well as 244 P5 smart family sedans which were launched a few weeks ago.

Xpeng started shipping electric vehicles to Norway last year and is eyeing further expansion in Europe.

For the quarter overall, NIO delivered 24,439 vehicles and Xpeng clocked in a record 25,666 deliveries.

Nio and Xpeng didn't provide a geographical breakdown for deliveries.

See Also: Nio Prices ES8 SUV Lower In Norway Than Home Country China, Unveils Nio House In Oslo: What You Need To Know

Why It Matters: With its Norway debut, Nio joins rival Xpeng in shipping electric vehicles to Europe. Nio on Thursday unveiled the pricing for its sports utility vehicle ES8 in Norway, lower than that of China, its home turf where it produces the vehicles. 

Nio and Xpev are among a growing breed of Chinese electric automakers alongside BYD Co (OTC: BYDDF) and Li Auto (NASDAQ: LI) that are looking to contest with global electric vehicle market leaders such as Tesla Inc (NASDAQ: TSLA) and Volkswagen Ag (OTC: VWAGGY).

Price Action: Nio shares closed 1.42% higher at $35.63 on Thursday.

Photo: Courtesy of Nio