NIO’s new ES6 already looks to be a key factor as the EV maker looks to expand its brand and compete in the booming Chinese electric vehicle market. According to Morgan Stanley, NIO hit a new year-to-date order intake record aided by the launch of the second-generation ES6.
After launching what many consider its most important model to date two weeks ago with its second-gen ES6 electric SUV, NIO has seen increased interest in the brand.
Although NIO was the only major EV maker in China to see a monthly sales decline in May, delivering 6,155 models (down 8% from April), the company has a plan to turn things around… and it already looks to be paying off.
Although the ES6 has been the company’s top seller since launching in 2018 as a more affordable option to the ES8, NIO knew it was time for an upgrade.
The EV maker is focusing on its NT 2.0 EV platform vehicles, including the recently launched EC7, second-generation ES8, ET5, and ES7 models. All NT 2.0 models are built on the NIO Adam supercomputer using four Nvidia DRIVE Orin system-on-chips (SoCs).
New ES6 boosts NIO’s order intake to record YTD high
A research report released last week from the Chinese consumer behavior research agency CarFans highlighted consumer behavior in NIO stores within the first 72 hours of launching (May 24 to May 27) the new ES6.
The report found each NIO store received 90 pre-orders on average, with around 20 confirmations that included a down payment.
With roughly 330 stores, that’s around 29,700 pre-orders or 6,600 confirmations. For just three days, that’s pretty impressive for a premium SUV.
Although the cancellation rate is expected to be around 10%, the new ES6 is already leading to a new order intake record for the year, according to Morgan Stanley analyst Tim Hsiao (via CnEVPost).
In a research note on June 5, Hsiao said the firm had been tracking feedback from startups’ major sales channels in Tier 1 cities since last year to analyze the market. The team shared data that confirmed the new ES6 accounted for 35% to 40% of new orders in May, suggesting a meaningful impact on inflow as it launched in the final week of the month.
NIO’s overall traffic at flagship stores rose 30% to 40% month-over-month, with momentum continuing into early June. The new ES6 is NIO’s cheapest electric SUV, starting at RMB 368,000 ($51,614).
Meanwhile, the team said that despite customer traffic at the stores it tracks returning to levels seen this February, they are still “20% below last September’s level when the company rolled out ET5.”
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