Chinese electric car company Nio doubles deliveries in 2020 as local competition ramps up for Tesla

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Chinese electric car start-ups Nio, Li Auto and Xpeng each announced that deliveries surged in 2020 to close out the year with new monthly highs.

Sales of pure electric vehicles from January through November rose 4.4% from a year ago, versus a decline of 7.6% in overall passenger car sales during the same time, according to China's Ministry of Industry and Information Technology.

, which stepped up its promotions in the country on New Year's Day and delivered about five times more cars worldwide last year than the three start-ups combined. The company went public in September 2018 but ran into financial difficulties a year later. Then while China was tackling the coronavirus pandemic in early 2020, Nio secured about $1 billion in financing from state-backed investors. In August, founder William Li said the company expects to resume

Deliveries for the company's first model, the Li One SUV, reached a record monthly high of 6,126 in December, according to the automaker.announced Monday it delivered 27,041 vehicles in 2020, also more than doubling from a year ago. The company delivered 5,700 electric cars in December for a second-straight month of gains.

 

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