Nio pulled off an incredible turnaround in 2020
Chinese EV startup Nio entered 2020 on the brink but emerged stronger than ever, thanks in large part to a government bailout. That government aid helped Nio get back on its feet just in time to ride a new wave of optimism in EVs — something that’s never been more clear than after the company offered the first snapshot of its financial performance for the year on Monday.
To wit, the startup generated $2.4 billion in sales, double what it pulled down in 2019. That was largely thanks to Nio more than doubling deliveries from roughly 20,000 in 2019 to 43,000 in 2020. That’s despite how the early stages of the COVID-19 outbreak dragged down the startup’s first quarter sales.
Some 17,000 of those vehicles delivered in 2020 were sold in the...