Chinese electric automakers Nio exceeds Q3 delivery target for its ES8 SUV

Nio, the Chinese electric automaker aiming to compete with Tesla, reported that it delivered 3,268 of its new ES8 vehicles in the third quarter, beating its own target by 9 percent.

The company planned to deliver between 2,900 and 3,000 ES8s in the third quarter, according to Nio CFO Louis T. Hsieh.

Nio began deliveries of the ES8, a seven-seater high-performance electric SUV, in China on June 28. The company reported that its year-to-date ES8 deliveries, as of September 30, 2018, totaled 3,368 vehicles. The first 100 vehicles were delivered in the last days of the second quarter.

“Growing our monthly deliveries from 381 in July to 1,766 in September demonstrates our steady production ramp, strong demand from users and the initial acceptance of NIO as a premium brand,” William Li, founder, Chairman and CEO of Nio, said in a statement.

The company, which shut down its ES8 production line for 10 days for routine maintenance and to install equipment for its second production line, warned that deliveries in October will be lower.

However, the company said it remains on track to hit its delivery target of 10,000 ES8 vehicles for the second half of 2018.

The company is planning to release the ES6, a five-seater premium SUV,  in June/July 2019.

Nio, which raised $1 billion when it debuted on the New York Stock Exchange in September, has operations in the U.S., U.K. and Germany, although it only sells its ES8 vehicle in China. The seven-seater ES8 SUV is priced at 448,000 RMB, or around $65,000.

Baillie Gifford  & Co., the second-biggest shareholder of Tesla stock, owns an 11.44 percent stake in Nio, according to a regulatory filing posted October 9.