NIO is slowly becoming a force to reckon with, in the Chinese smart electric car space. The company delivered 3,740 smart electric cars in the three months ended June, representing a 179% year over year growth. Increased production came at the backdrop of the company attracting capital injection from the likes of Hefei City Construction and Investing Holding.

NIO Surging Deliveries

Most of the deliveries happened in June, marking the highest monthly deliveries in the company’s history. The company’s 5-seater high-performance premium smart electric SUV continues to elicit strong demand accounting for 2,476 deliveries made in the quarter. The 7-seater high-performance premium smart electric and 6-seater accounted for 1,264 of total shipments.

A 179% increase in total deliveries can be attributed to competitive products that continue to shape the Chinese smart electric car space. NIO also continues to elicit strong demand thanks to superior services and expanding sales network.

Capital Injection

The company is already the subject of renewed investor interest going by the number of institutional investors willing to inject capital into the company. The likes of Hefei City Construction and Investing in holding CMD-SDIC Capital and Anhui Provincial Emerging group have already completed capital injections into the company.

Minority investors led by the likes of New Energy Fund Advanced Manufacturing Industry and Anhui Provincial Sanzhong have also participated in funding rounds. The investor’s group has pledged close to 7 billion Yuan, with 3.5 billion poised to come in the first installment. The next 1.5 billion Yuan is to be paid in the second installment with 1 billion coming in the third installment, 500 million Yuan in the fourth installment and the remaining 500 million Yuan in the fifth installment.

NIO intends to invest the new capital in vehicle research and development and supply chain. Part of the funds will also go towards sales and services and NIO Power.