13th to 15th
The Chinese automotive market has recovered well following the Covid-19 related disruption earlier this year, and Nio indicated that it saw a monthly delivery record of 3,436 vehicles in May 2020.
We expect revenue to grow to $1.78 billion in 2020, as deliveries grow by over 70% to 35k units, driven by higher uptake of the ES6 and the launch of the more compact EC6, with the revenue growing further to $2.75 billion in 2021.
In comparison, Tesla is valued at $375 billion, or about 7x consensus 2021 revenue of about $41 billion, while Nikola, an electric truck startup is valued at $15 billion despite the fact that it has yet to start commercial production.
Nio also launched a new "battery as a service" offering, which reduces the upfront cost of a vehicle by selling the EV without a battery and making users pay for batteries monthly (roughly $140 per month), much like they would for gasoline on an internal combustion engine car.
Nio's Revenues have grown from around $720 million in 2018 to about $1.12 billion in 2019, as its vehicle deliveries grew from around 11,300 units to about 20,600 units.
nio stock, coronavirus, covid-19, nio revenues
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