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NIO (NYSE:NIO) shares had been under pressure ever since Tesla unveiled sweeping plans to overhaul its EV battery architecture at the much-anticipated Battery Day event. However, over the last weekend, NIO responded to Tesla’s clarion call by announcing a new Power Up Plan along with a version upgrade of its drive assist functionality at the Beijing International Automotive Exhibition 2020. Today, NIO bulls have received yet another impetus in the form of record delivery numbers for the month of September 2020.
According to the company’s press statement, NIO delivered 4,708 EVs in September, including 3,210 ES6s and 1,482 ES8s. Moreover, for the first time ever, the company also delivered 16 units of the EC6 model. This cumulative monthly delivery number marks an increase of 133.2 percent relative to the comparable month last year. NIO has delivered 12,206 EV in the theird quarter of 2020. Year to date, the company has delivered 26,375 vehicles. The chart below illustrates NIO’s monthly deliveries so far this year:
Bear in mind that NIO's EC6 SUV has a drag coefficient of only 0.26 and can accelerate from 0 to 100 kph in 4.5 seconds. The EV's standard 70 kWh battery pack offers a range of 440 km. On the other hand, the 100 kWh battery pack offers a range of up to 615 km. Moreover, the high-end version of the EC6 is expected to cost around 526,000 yuan ($77,000).
As a refresher, while announcing its August deliveries, NIO had guided to a record delivery number for September as its monthly production capacity ramps up to 5,000 units for the first time ever.
As stated earlier, NIO recently launched the Power Up charging plan which entails an investment of over RMB100 million:
#NIO launched Power Up plan to install 20kW Power Home Plus at 30,000+ destinations in China with 100 million RMB investment for local business partners.
— NIOtime (@theniotime) September 26, 2020
This rapid charging facility will be offered under the ambit of NIO’s Battery as a Service (BaaS) offering which allows users to rent their EV’s entry-level 70KWh battery pack by paying only RMB980 ($141) per month as the BaaS subscription fee. This subscription option slashes RMB70,000 ($10,116) off the purchase of ES8, ES6, and EC6 models, thereby, making these EVs more affordable.
Of course, NIO already offers a multitude of charging solutions. These include a dedicated home charging solution, called the Power Home, as well as a battery swapping service, dubbed Power Swap. Additionally, NIO also offers a mobile charging solution, called Power Mobile, whereby an EV may be charged through a fleet of charging trucks. Moreover, the Power Express is a 24-hour facility available on-demand to NIO customers whereby EVs are picked up, charged, and then dropped off at a pre-chosen spot. Finally, NIO customers can also access China’s network of 214,000 charging stations.
Additionally, at the Beijing International Automotive Exhibition 2020, NIO also unveiled OS 2.7.0 version upgrade of its Navigate on Pilot (NOP) assist functionality.