Nio hopes to tide over money troubles with new models and customer loyalty

Vehicle sales on the up thanks to renewed confidence in brand and word-of-mouth recommendations from owners

Chinese electric car startup Nio has survived difficult times thanks to growing sales and enviable brand loyalty, but it is still in urgent need of money, said a senior executive.

The company had about $274 million cash on hand at the end of September. But the money is not enough to continue its operations for the next 12 months without external financing, according to a third-quarter financial statement released on Dec 30.

"We are in need of nothing but some money to tide us over," said Qin Lihong, co-founder and president of Nio in an interview a day earlier. The startup held the annual Nio Day in Shenzhen, Guangdong province on Dec 28. Nio car owners showed unbelievable loyalty; the Nio Day was in large part the result of 65 Nio owners' efforts.