Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of electric vehicle manufacturer NIO (NYSE: NIO) are climbing on Thursday after the company recorded a new monthly delivery record in June.
NIO delivered 8,083 vehicles during the month, an increase of 116.1% year-over-year and up from the 6,711 cars delivered in May. The record was reached despite the company's warning last month that the semiconductor chip shortage could impact its production in Q2.
The deliveries consisted of 1,498 ES8s, the company’s six-seater or seven-seater SUV, 3,755 ES6s, the company’s five-seater SUV, and 2,830 EC6s, the five-seater premium coupe SUV.
NIO also posted a quarterly record, delivering 21,896 vehicles in the three months ended June 2021, representing an increase of 111.9% year-over-year.
As of June 30, cumulative deliveries reached 117,597 vehicles.
NIO's share price is up 2.18% premarket at $54.36. On Tuesday, Citi analyst Jeff Chung raised its price target on Nio to $72 from $58.30, keeping a Buy rating. He told investors that he expected a “robust shipment volume” in June, which was achieved, as well as sequential quarter-over-quarter improvements in Q3 and Q4.
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