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 NIO Inc (NYSE: NIO) are climbing premarket after the company revealed that its March deliveries reached another monthly record.
The Chinese electric vehicle company said deliveries for March 2021 increased 373% year over year to 7,257 vehicle deliveries. The vehicles delivered included 1,529 ES8s, its 6-seater and 7-seater SUV, 3,152 ES6s, the 5-seater SUV, and 2,576 EC6s, the 5-seater coupe SUV.
The number means that for the first quarter of 2021, NIO delivered 20,060 vehicles, a 423% rise year over year. As of March 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 95,701 vehicles.
NIO delivered 12,206 vehicles in Q3 2020, and Q4 2020 saw them deliver 17,353 vehicles. In comparison, Tesla delivered 180,570 vehicles in Q4 2020.
NIO is seen as Tesla's biggest competitor in China's electric vehicle space, with deliveries continuing to grow every month. However, they did warn that the much-publicised semiconductor chip shortage will impact production, slowing to 7,500 vehicles per month in Q2 from 10,000 per month previously.
NIO’s share price is up 4.87% premarket on Thursday, trading at $40.88 after Wednesday’s close at $38.98.
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