NIO Soars 12% After Another Month of Strong Deliveries
The electric vehicle maker delivered 3,533 vehicles in July, up 322% year-over-year.
Anthony Russo
Aug 03,2020,20:05

Shares of NIO Inc. (NYSE: NIO) surged nearly 12% by midday Monday on yet another month of reporting surging delivery sales.

The Shanghai-based electric vehicle maker said it delivered 3,533 vehicles in July, up a whopping 322% year-over-year.

“In July, we are pleased to have achieved the second-highest monthly delivery results despite the impact on productions due to a 5-day suspension of manufacturing to prepare for EC6 productions and other flood-related supply chain challenges,” William Bin Li, the founder, chairman, and chief executive officer of NIO, said in a statement today.

He added, “More proudly, we have achieved a record-high monthly order growth, attributed to a stronger demand of the ES8 and ES6, together with the increasing EC6 orders, thanks to the continuous support of our users. We believe we will be able to increase our production capacity significantly to support higher deliveries in the third quarter of 2020.”

NIO unveiled that the pre-subsidy price for its five-passenger electric coupe SUV EC6 would start at 386,000 yuan.  The company expects deliveries to start in September.

NIO’s stock has come a long way in the past couple of months, from a penny stock to now trading above $13 per share American depositary share. Recently, NIO completed a share offering of $428.4 million. Also, the comoany posted in the three months through June it delivered 10,331 vehicles, up 191% year-over-year. 

Investors will be looking forward to second-quarter financials to be reported next week on Aug. 11. 

Shares of NIO have surged 225% year-to-date.

Topics :
Read More
prev: Color Star Moves Up on More "News"

California:2905 Stender Way #36,Santa Clara, CA 95054

New York:200 Vesey St Fl 24 New York, NY 10281