Nio Inc NIO 7.31% grabbed the largest market share in China’s all-electric SUV market in April, higher than its U.S.-based rivalTesla IncTSLA 3.09%, according to China Automotive Technology and Research Center data.
What Happened: Nio grabbed a 23% electric SUV share in April, compared with Tesla’s 17%, CnEVPostreported— citing the CATRC data.
Nioclockeda total of 7,404 SUV sales in April — with the ES6 model selling the most at 3,302 vehicles, EC6 sales were 2,484 units and ES8 sales at 1,618 units, the report said. Xpeng IncXPEV 4.87%made up for 7% of the all-electric SUV market in the month.
The Elon Musk-led Tesla sold 5,520 Model Ys in April.
Tesla’s April sales of 25,845 were down 27% from March, down more than the overall EV market which saw a smaller 12% month-on-month decline. Of these Tesla shipped out 11,671 units in the country, implying that most sales in April were exports,accordingto the Wall Street Journal.
Why It Matters: The sales numbers come at a time when automakers are facing semiconductor shortages. Nio has already warned the shortage could hit its second-quarter sales. Nio had to halt production at its Hefei manufacturing plant for five working days starting March 29.
In addition, Tesla has been facingrough weather in China,a market that contributes nearly 30% of the electric vehicle maker's global sales and is its second-largest market after the United States.
Price Action: Nio shares closed 7.30% lower at $31.22 on Thursday, while Tesla shares closed 3.09% lower at $571.69.
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