Reuters
- Nio hit record highs on Monday after it revealed October deliveries that more than doubled the same month of 2019.
- Year-to-date, Nio has delivered 31,430 vehicles as of October 31, representing 111% year-over-year growth.
- Nio manufactures premium electric vehicles and has seen a surge in business over the past year as it rides the coattails of Tesla’s success in China.
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Nio surged as much as 14% to record highs in Monday trades after the electric-automaker’s October update revealed 5,000 vehicle deliveries in China, representing year-over-year growth of 100%.
The October delivery figure of 5,055 vehicles also represents a new monthly record for the company.
Nio sells luxury electric vehicles to Chinese consumers with its model lineup of the ES8, ES6, and EC6, and has seen a surge in business over the past year as it benefits from the success of Tesla in China.
Nio’s best selling car in October was its ES6 crossover vehicle, with 2,695 deliveries, followed by its ES8 SUV, and newer EC6 sedan, which had 1,477 and 883 deliveries respectively. Cumulative sales of all three models reached 63,343 as of October 31, Nio said, after beginning with the ES8 in June 2018.
Auto sales in China have experienced a strong rebound since the COVID-19 pandemic rattled its economy earlier this year.
In September, auto sales in China rose 12.8% in their sixth straight month of gains, but are still below pre-pandemic levels. October's numbers have not yet been released, the two months together usually represent two of the market's busiest months.
Year-to-date, Nio has delivered 31,430 vehicles as of October 31, representing 111% year-over-year growth, according to the company. Still, the company has plenty of ground to gain on Tesla, which recently began exporting Chinese-made vehicles to other markets.
Shares of Nio have been on a tear in 2020, rising 661% year-to-date as of Friday's close. The firm sports a market cap of nearly $42 billion.
