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NIO Logs YTD Order Intake Record With the Launch of ES6 in May

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NIO Inc.’s (NIO - Free Report) new ES6 appears to be a crucial element in the automaker’s plans to grow its brand and succeed in the thriving Chinese electric vehicle market. According to Electrek, NIO hit a new record for YTD order intake in May, soon after the launch of its second-generation ES6 electric SUV, per a Morgan Stanley report.

NIO launched the all-new ES6 on May 24, 2023. Within two weeks of launch day, NIO noticed an upsurge in order intake.

Even though NIO’s monthly deliveries fell to 6,155 vehicles, down from 6,658 in April, the response to the launch of the second-generation ES6 electric SUV has presented the manufacturer with an opportunity to redeem itself.

NIO’s timely upgrade of its top seller, the ES6 (2018), has worked in favor of the brand.

The EV manufacturer is currently focusing on the NT 2.0 EV platform vehicles. These vehicles include the recently launched EC7, second-generation ES8 (scheduled for deliveries starting June 2023), ET5 and ES7 models. All these models are built on the NIO Adam supercomputer using four Nvidia DRIVE Orin system-on-chips (SoCs).

Per to Electrek, NIO’s overall traffic at flagship stores rose 30% to 40% month-over-month, with momentum continuing into early June. But despite customer traffic, the order inflow is still “20% below last September’s level when the company rolled out ET5.”

Per the company’s website, the price of the all-new ES6 starts at RMB 368,000 with a 75 kWh battery, RMB 426,000 with a 100 kWh battery and RMB 298,000 with BaaS (Battery as a Service) in China.

Zacks Rank & Key Picks

NIO currently carries a Zacks Rank #3 (Hold).

Some top-ranked players in the auto space are General Motors (GM - Free Report) , Stellantis N.V. (STLA - Free Report) and Wabash National (WNC - Free Report) , all of which sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

General Motors is one of the world’s largest automakers. The Zacks Consensus Estimate for GM’s 2023 sales indicates year-over-year growth of 4.5%.

Stellantis, an Italian-American automaker, is one of the noted names in the auto space. The Zacks Consensus Estimate for STLA’s 2023 sales indicates year-over-year growth of 13.4%.

Wabash is one of the leading manufacturers of semi-trailers in North America. The Zacks Consensus Estimate for WNC’s 2023 sales and earnings indicates year-over-year growth of 12% and 90.7%, respectively.

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