Nio sales up 95% in May

Chinese leading electric car startup Nio said on Tuesday that it delivered 6,711 vehicles in May, up 95.3 percent from the same month last year.

The cumulative deliveries of the New York-listed startup's three models reached 109,514 vehicles by the end of last month.

Nio said its deliveries in May was affected by chip shortages and logistical adjustments, but it will accelerate vehicle delivery in June to make up for the delay caused last month.

The New York-listed startup said it will maintain the target of 21,000 to 22,000 vehicles in the second quarter of 2021.

Nio is the most popular premium electric car brand in China.

Late last month, it said JAC, a State-owned carmaker which has been producing Nio models, will expand its annual production capacity to 240,000 units. Their contract has been renewed for another three years to May 2024.

China is the world's largest market for electric cars and plug-in hybrids. A total of 732,000 such vehicles were sold in the first four months of the year, up 249.2 percent year-on-year, according to statistics from the China Association of Automobile Manufacturers.