The Nio ET7 outpaced two models from local brand Hongqi and was behind only the ICE models from German luxury automakers.
Nio's (NYSE: NIO, HKG: 9866, SGX: Nio) flagship sedan, the ET7, moved up in the flagship sedan rankings in China, as it saw significant gains in deliveries in June.
With 4,349 retail sales in June, the Nio ET7 was No. 7 in the ranking of high-end sedans with a starting price above RMB 300,000 ($44,820), according to data released today by the China Passenger Car Association (CPCA).
Deliveries of the model began on March 28, and June was its third full month of deliveries and third consecutive month on the list, after sitting at No. 10 in April and No. 9 in May.
Nio delivered 12,961 vehicles in June, its record high for deliveries in a single month, surpassing the previous record of 10,878 vehicles in November last year, according to data released on July 1.
The Nio ET7 delivered 4,349 units in June, bringing its cumulative deliveries since the end of March to 6,912 units.
In the CPCA's latest list for June, the Nio ET7 has overtaken two models of the Hongqi brand of China FAW, another local Chinese brand.
The models ahead of the Nio ET7 are all vehicles of the German luxury brands BMW, Mercedes-Benz and Audi, which have been dominating the luxury market in China for years, despite the fact that they are all traditional internal combustion engine (ICE) cars.
(Nio ET7. Image credit: CnEVPost)
Notably, sales of these German luxury models were significantly higher in June than in May, as China's policy of halving the purchase tax on ICE vehicles began to take effect.
Chinese consumers are currently exempt from purchase tax on new energy vehicles (NEVs), and since June, the country has reduced the purchase tax on ICE vehicles in an effort to stimulate economic growth.
The purchase tax was reduced from 10 percent to 5 percent for passenger vehicles with a displacement of 2.0 liters or less priced at no more than RMB 300,000 ($45,060) with a purchase date between June 1 and December 31.
Although the recommended retail price of the Audi A4, Mercedes-Benz C-Class and BMW 3 Series in China is higher than RMB 300,000, they are offering significant discounts at dealerships and consumers can actually enjoy the benefit of the 50 percent purchase tax reduction.
The Audi A4L is being offered at dealers for more than RMB 300,000 for only the top version, according to Auto Home, one of China's largest automotive websites.
All available versions of the Mercedes-Benz C-Class are currently quoted at dealers below that threshold, with the entry-level version priced as low as RMB 222,300.
For reference, the Nio ET7 starts at RMB 458,000 for the regular version and RMB 536,000 for the pioneer version. If customers choose the BaaS battery leasing service, the purchase price will be reduced by at least RMB 70,000.
The Nio ET7 also made its debut in the January-June sales ranking of high-end sedans with a starting price above RMB 300,000, coming in at number 10, according to the CPCA.
