Ng Han Guan/Associated Press
Shares of Nio, a Chinese competitor to Tesla, surged as much as 13% Monday after the company reported an uptick in July deliveries.
The company announced Monday that it delivered 3,533 vehicles in July, a more than 322% increase from the same month a year ago. So far in 2020, Nio has delivered 17,702 vehicles, a more than 111% increase from last year.
The solid delivery news comes amid a challenging year for automakers in China. In February, China auto sales plunged nearly 80% as the coronavirus pandemic hit demand. In March, auto sales fell more than 43% from a year earlier, before finally gaining 4.4% in April and 14.5% in May.
Nio delivered 2,610 of its E610 five-seater SUV model, and 923 of the company’s ES8 6 and seven-seater SUV model. At the end of the month, cumulative deliveries of both vehicles reached 49,615, according to the company.
The results, the second-highest deliveries ever, came 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,” said William Bin Li, Nio’s CEO.
He added that Nio also achieved record monthly order growth. “We believe we will be able to increase our production capacity significantly to support higher deliveries in the third quarter of 2020,” he said.
Nio has gained more than 230% year-to-date.
Markets Insider