Chinese EV maker NIO’s stock soars after record delivery fulfillment
Chinese electric-vehicle maker NIO’s engine is revved up.
The Shanghai-based company’s stock price is climbing on Monday after an announcement about the delivery of its vehicles.
It was $33.50 a share, up 9.55%, in mid-morning trading, though earlier today it was as high as $34.63.
Wall Street is reacting to NIO’s news that it had delivered 5,055 EVs in October, a new month record, which showed 100.1% year-over-year growth.
The breakdown is 2,695 five-seater ES6s, 1,477 six- and seven-seater ES8s, and 883 five-seater EC6s.
In September, NIO delivered 4,708 vehicles—133.2% year-over-year growth.
NIO also announced today that it’ll report its third-quarter financial results on November 17.
The company was founded in November 2014, according to the NIO website. Its North American headquarters and research and development center are based in San Jose.
Other EV companies in China are doing well, too. Today, Xpeng announced its October deliveries: 3,040, a 229% increase year-over-year. Plus, Li Auto’s October saw the delivery of 3,692 vehicles.