Shares of electric vehicle manufacturer, NIO Inc (NYSE: NIO) are climbing premarket on Monday after the company reported its January deliveries hit a new monthly record.
The first month of 2021 has seen China's Tesla rival, NIO deliver 7,225 vehicles, a new monthly record representing a 352.1% increase year-over-year. The company’s previous monthly record was December 2020 when it delivered 7,007 cars.
The deliveries consisted of 1,660 ES8s, NIO’s six and seven-seater flagship smart electric SUV, 2,720 ES6s, the company’s five-seater premium electric SUV, and 2,845 EC6s, it’s five-seater premium electric coupe SUV. As of January 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 82,866 vehicles.
NIO shares are up 4% premarket at $59.28 after closing Friday’s session at $57.
In December, NIO's founder, William Bin Li said the results were “attributable to the growing recognition of our premium brand, the competitive and compelling products and services, the expanding sales network, and most importantly, the continuous support from our passionate and loyal user community.”
NIO are not the only company to have seen vehicle deliveries surge in 2020 with Li Auto and Xpeng also seeing a rise in deliveries during the year as the Chinese economy continues to strengthen following the coronavirus pandemic.
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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.