Nio Inc (NYSE: NIO) grabbed the largest market share in China’s all-electric SUV market in April, higher than its U.S.-based rival Tesla Inc (NASDAQ: TSLA), according to China Automotive Technology and Research Center data.
What Happened: Nio grabbed a 23% electric SUV share in April, compared with Tesla’s 17%, CnEVPost reported — citing the CATRC data.
Nio clocked a total of 7,404 SUV sales in April — with the ES6 model selling the most at 3,302 vehicles, EC6 sales were 2,484 units and ES8 sales at 1,618 units, the report said. Xpeng Inc (NYSE: XPEV) made up for 7% of the all-electric SUV market in the month.
The Elon Musk-led Tesla sold 5,520 Model Ys in April.
Tesla’s April sales of 25,845 were down 27% from March, down more than the overall EV market which saw a smaller 12% month-on-month decline. Of these Tesla shipped out 11,671 units in the country, implying that most sales in April were exports, according to the Wall Street Journal.
Why It Matters: The sales numbers come at a time when automakers are facing semiconductor shortages. Nio has already warned the shortage could hit its second-quarter sales. Nio had to halt production at its Hefei manufacturing plant for five working days starting March 29.
In addition, Tesla has been facing rough weather in China, a market that contributes nearly 30% of the electric vehicle maker’s global sales and is its second-largest market after the United States.
Price Action: Nio shares closed 7.30% lower at $31.22 on Thursday, while Tesla shares closed 3.09% lower at $571.69.
Click here to check out Benzinga’s EV Hub for the latest electric vehicles news.
Photo by User3204 on Wikimedia
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.