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NIO shares look set to climb on the first trading day of the year after the company reported a 112.6% increase in vehicle deliveries in 2020 compared with 2019.

43,728 vehicles were delivered throughout the year with December seeing another new monthly record of 7,007 cars delivered, a 121% increase year over year.

The deliveries consisted of 2,009 ES8’s the company’s 6-seater and 7-seater premium smart electric SUV, 2,493 ES6s, NIO’s 5-seater premium electric SUV, and 2,505 EC6s, the company’s 5-seater premium electric coupe SUV.

It meant that the company could deliver a record quarter with deliveries reaching 17,353 in Q4 2020, a 111% increase year over year, above the company’s guidance.

“These results are 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,” commented NIO founder, chairman, and chief executive officer, William Bin Li.

“The innovative Battery as a Service (BaaS) model has shown popularity among our users since its launch. With the 100kWh battery pack offered as an option, the penetration of BaaS has reached over 40% among new orders in December, demonstrating its competitiveness and acceptance by our users,” Li added.

The company is set to unveil its new sedan model at the fourth NIO day, scheduled for January 9th.

NIO shares closed out 2020 at $48.74 after reaching an all-time high of $57.20. However, with the latest delivery figures now released, we may see another surge at the start of this year.

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