NIO reports 31% increase in global EV sales in April 2023 as Tesla feels mounting pressure from the east
NIO recently released its April 2023 Delivery Update, in which the company detailed the number of vehicles it delivered during the month. Notably, the Tesla rival managed some 6,658 vehicle deliveries during that month, with a total of 37,699 vehicles to date in 2023. This represents a 31.2% increase year-over-year for the month of April and a 22.2% year-over-year increase for the period between January 1 and April 30.
On the other hand, Reuters reports that between January 1, 2023 and March 19, 2023, Tesla — arguably NIO's biggest international competitor — put out 106,915 vehicles. That makes NIO's production sound rather poor, but it should be noted that Tesla has been at the EV-making business for a while now, and NIO has only been at it since 2018. Comparing the two companies during their early days, NIO seems to be outmatching Tesla in terms of growth. According to Electrek, it took Tesla five years to reach the 300,000 vehicle mark in 2018. NIO has already reached 327,255 cumulative deliveries, despite only really starting large-scale mass production in 2019 — a whole year sooner is nothing to scoff at.
This strong Q1 and April 2023 performance comes of the heels of an incredible December 2022, where the company's Q1 report showed a 60% year-over-year increase in deliveries. The company attributes its recent successes to the ET5 luxury mid-size sedan with 1,000 km (~621 miles) of range, and the ES7, a crossover SUV with 930 km (577 miles) of range. The continued growth of both Tesla and its rivals, like NIO and BYD, indicates a strong EV market on the horizon.