Nio (SYM: NIO) is showing big signs of life again thank to Chinese subsidies.
For one, China said it has plans to provide auto owners with incentives to buy EVs, as noted by MarketWatch.com. “China plans to pay car owners up to 10,000 yuan, or nearly $1,400 at current exchange rates, if they replace their cars with electric or hybrid vehicles through the end of this year, according to a report in The Wall Street Journal.”
Two, in April, the company saw 134.6% year over year delivery growth. Year to date, Nio has now delivered 45,673 vehicles, a 21.2% jump year over year, as well.
It also launched its newest 2024 ET7, a premium smart electric sedan. Plus, Nio says it’s on track to make two new models for the European EV market. As noted by Reuters, “The Chinese EV company is on track to unveil a new mass-market brand by the end of May and a second smaller EV under $30K for the European market by 2025.”
