Nio EC6 to Be Unveiled July 24

Binwei Wang
    Jul 21, 2020 2:00 PM  PT
Nio EC6 to Be Unveiled July 24
author: Binwei Wang   

Nio Inc. (NYSE: NIO) announced Tuesday that its EC6 will be officially released at the Chengdu Auto Show on July 24 with expected deliveries to start in September.

The vehicle, Nio's third, was first revealed at NIODay in December 2019. Bin Li, the founder of Nio, positioned this car as a competitor to Tesla's Model Y.

Earlier this month, Nio said that in the second quarter it delivered 10,331 vehicles, up 191% year-over-year. In June, Nio set its monthly record with 3,740 vehicle deliveries—representing a surge of 179% from the same month last year. Its five-passenger SUV, the ES6, generated 2,476 deliveries while the six- and seven-seater model, the ES8, reached 1,264 deliveries.

For the first quarter, Nio posted $193.8 million in revenue on losses of $238.9 million. As of March, it had cash and cash equivalents, restricted cash, and short-term investments of $338.6 million.

Shares of Nio Inc. dropped 9 cents intraday Tuesday, trading at $12.73 per share.