NIO Inc (NYSE:NIO), Tesla Motors, Inc (NASDAQ:TSLA) - Nio Grabbed 23% Share Of China s All-Electric SUV Market In April, Ahead Of Tesla s 17% benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
NIO (NYSE:NIO) were moving higher on Friday, after data showed that it beat
Tesla (NASDAQ:TSLA) on one key sales metric in China in April.
As of 11 a.m. EDT today, NIO s American depositary shares were up about 6.9% from Thursday s closing price.
So what
NIO was the best-selling brand in China s fast-growing all-electric SUV market in April, according to new data from the China Automotive Technology and Research Center. While Tesla s Model Y was the best-selling electric SUV in China in April, with 5,520 units sold, NIO s three electric SUV models sold a combined 7,404, enough for a 23% share of the market.
Amid Big Challenges In China, Tesla Model Y Sales Prevail
May 13, 2021 at 1:03pm ET ++ Tesla had the odds stacked against it in April, but the Model Y appears to have significantly outsold rivals.
Tesla has been up against a multitude of issues in China. This isn t a good look for the automaker since CEO Elon Musk has noted on many occasions that the country is a huge market for the Silicon Valley automaker. However, it seems that even all the recent negative news wasn t enough to slow down Model Y sales in China.
If you haven t been following the news, Tesla dealt with protests at the recent Shanghai Auto Show, more protests related to alleged brake failure, and concerns over its car built-in cameras related to the potential for spying, among other negative media coverage.
In China, Tesla Shines Among Premium Brands: Q1 2021 Data insideevs.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insideevs.com Daily Mail and Mail on Sunday newspapers.