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NIO Stock Rallies As Vehicle Deliveries Rise 109%

Sam Boughedda Sam Boughedda
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Chinese electric-vehicle maker NIO Inc’s (NYSE: NIO) shares are higher premarket on Tuesday after the company released its November 2020 delivery update. 

NIO revealed that it delivered 5,291 vehicles in November, a rise of 109.3% year over year and a new monthly record for the company, beating its previous record from last month which was 5,055 vehicles delivered in October. 

The deliveries consisted of 1,387 ES8 models, the company’s six and seven-seater flagship SUV, 2,386 ES6 models, its five-seater premium SUV and 1,518 EC6 models, a five-seater premium electric coupe SUV. 

So far in 2020, NIO has delivered 36,721 vehicles in total, which represents a 111.1% increase year over year. 

Cumulative deliveries of the ES8, ES6, and EC6 models have reached 68,634. The company said it is also in the process of speeding up its production capacity expansion in December due to the increasing order growth. 

NIO’s stock is priced at $51.91 premarket after a 2.73% increase from Monday’s close at $50.53 per share.

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Sam Boughedda
Sam Boughedda
Team Member

Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples. 

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