Can Chinese Electric-Car Maker NIO Recover From This Sales Slump?
Chinese electric-vehicle maker NIO (NYSE: NIO) said that it delivered just 837 vehicles to customers in July while it devoted resources to repairing several thousand vehicles that had been recalled for battery-pack defects.
The news didn't help NIO's battered shares, which have lost more than half their value since the beginning of 2019. But despite an ongoing slump in the Chinese new-car market, the company said that it expects the pace of deliveries to pick up significantly in August.
NIO is pinning its hopes for a sales bounce on its all-new ES6, an upscale five-passenger electric crossover SUV. Image source: NIO.
Source Fool.com
