NIO Stock: NIO rises +6% as it grabs 23% SUV market share in china and opens flagship store

In China Nio grabbed 26% of SUV electric vehicle market share, in April, higher than its largest rival, the US based electric vehicle maker Tesla.

NIO sells more EV SUV’s than Tesla

According to China Automotive Technology and Research Center data, In April 2021, Nio grabbed 23% of the SUV electric vehicle market share compared to Tesla’s 17%, WM Motor and XPeng at 7%.

The report goes on to claim that the data shows that Tesla Model Y was the highest selling model with 5,520 units sold in April. While Nio’s SUV Sales were totaled 7,404 sales:

  • NIO Model ES6 sold 3,302 units
  • NIO Model EC6 sold 2,484 units
  • NIO Model ES8 sold 1,618 units

NIO opens a flagship store for lifestyle products with Alibaba

Nio Life, launched in 2018 focuses on lifestyle products which has opened on the Alibaba Tmall platform.

Nio Life has a network of over 500 designers worldwide and has developed over 813 new products and delivered over 2.8 million Nio lifestyle products to their customers.

Tmall.com is Alibaba’s business to consumer ecommerce platform which allows local Chinese and international businesses to sell branded goods to customers in Greater China.

By partnering with Tmall, Nio’s lifestyle products will establish greater reach.

Why NIO’s lifestyle flagship store is important

Nio is following it’s largest rival Tesla, which opened its flagship store on Tmall in mid-April. Tesla intends to use the platform to sell auto parts and interior accessories for its cars.

Although, NIO uses the Tmall platform for its lifestyle products, it may use its presence to sell products related to Nio’s electric vehicles.