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Shares of Nio Inc (NYSE: NIO) a Chinese EV manufacturer today rallied 8% at the open after the company announced that vehicle deliveries in July had risen 322% to 3,533 units.

William Bin Li, NIO founder and CEO said: “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,”

Adding that:

“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 share price

Tradingview chart of Nio share price 03082020

The news comes on the heels of Tesla’s impressive Q2 deliveries showing that the Chinese EV manufacturer is catching up to the industry leader, but still has a long way to go.

Tesla delivered 90,650 vehicles in Q2 and is keen to cross the 100,000 mark in Q3 as competition in the EV sector heats up.

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