After a number of setbacks in the first half of the year, Nio may be poised for a rebound.
The beleaguered electric vehicle (EV) maker said on Tuesday that car deliveries in the third quarter exceeded the top end of its guided range.
Why it matters: Nio’s efforts to boost sales of its second mass-produced model, the ES6, is paying off.
The company kicked off a series of major promotions beginning in August after it began delivering the five-seat luxury SUV in late June.
Nio introduced in late August an unlimited free battery swap along with its existing lifetime vehicle maintenance policy to first-time buyers of its ES8 and ES6 models, which “attracted a large group of potential users,” said Louis Hsieh, Nio’s chief financial officer during the Q2 earnings call last month.
The automaker then extended its auto financing programs, offering a three-year, interest-free loan for domestic buyers, as well as a five-year “zero down payment” promotion in Shanghai, which significantly boosted orders beginning in September, Hsieh said.