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NIO starts deliveries of the ES6 as investigations on recent ES8 fires continue

SHANGHAI – NIO officially began delivery of its second model – the ES6 5-seater high-performance, long-range, electric SUV – on June 18, six months after the model was launched at NIO Day on December 15, 2018.

Select customers in Beijing, Shanghai and Guangzhou took delivery of their ES6 Premier Editions as NIO continues to investigate three recent ES8 fire incidents within two months and weathers falling deliveries and stock prices.

An ES8 caught fire while parked in a parking lot and not charging in Wuhan, Hubei Province on June 14. A month earlier on May 16, an ES8 parked in an underground parking lot at an apartment complex in Shanghai caught on fire. It was later confirmed that the vehicle has been plugged to a charging pole for four days. On April 22, an ES8 parked at a service center in Xi’an, Shaanxi Province caught fire and NIO said the vehicle’s battery pack and cooling pad had been impacted and deformed prior to arriving at the service center, leading to a short circuit and eventually a fire. NIO has yet to announce the causes for the other two incidents.

With a high-strength aluminum and carbon fiber reinforced plastics (CFRP) hybrid structure, the ES6 features 4.7 second 0-100 km/h acceleration, a NEDC range of 510 km, and 33.9-meter braking distance from 100-0 km/h. The ES6 expands the design language of the NIO product line with a stylish and sporty exterior complemented by a refined, high-tech interior. It has a base price of ¥358,000 before subsidies while the Premier Edition, limited to only 6,000 units, goes for ¥498,000 (70-kWh battery pack) and ¥548,000 (84-kWh battery pack), all before subsidies.

“In less than five years, we have delivered two mass production models to our users, fulfilling our promises,” said William Li, founder, chairman and CEO of NIO commenting on the start of delivery of the ES6. “We will continue to work on production, quality control, and increasing user satisfaction.”

Earlier this month, NIO reported that it delivered 1,089 ES8s in May, bringing cumulative deliveries of the ES8 since they began on June 28, 2018 to 17,550 units. January-May 2019 deliveries totaled 6,202 units, averaging just over 1,200 a month, compared with 3,318 units delivered in December 2018 alone.

“In light of the challenging macroeconomic and Chinese auto market backdrop, our team has been working to deepen our market penetration and expand our channels. We are pleased with the ES8 sales figures we have seen thus far as the second quarter progresses,” Li noted. “With April and May deliveries completed, we now anticipate full second quarter ES8 deliveries to be near the top of, or to exceed, the company’s prior guidance range of 2,800 to 3,200 quarterly deliveries.”

NIO stock price closed up 2.58 percent to $2.53 on June 18, but that is still down about 60 percent from its September 2018 IPO price of $6.26.

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