EV News: Why NIO Stock Is Soaring 4% Today

Nio (NYSE:NIO) is making electric vehicles (EV) news on Monday after releasing its delivery data for October sent its stock soaring.

Image of Nio (NIO) logo branded on the exterior of a corporate building.

Source: Sundry Photography / Shutterstock.com

A Nio news release reveals that the company delivered 5,055 vehicles during the month. That’s a 100.1% increase compared to its vehicle deliveries from the same period of the year prior. It’s also a monthly vehicle delivery record for the company.

Breaking down the Nio news, the EV company says that 2,695 of the vehicles delivered in October were its ES6 smart SUV. Adding to this were 1,477 deliveries of its ES8 SUV. Finally, the EC6 SUV makes up the remaining 883 vehicles delivered in the month.

According to the Nio news release, the EV company also delivered 31,430 vehicles year-to-date in 2020. That’s a 111.4% jump from the company’s vehicle deliveries from the same time last year.

Nio isn’t the only EV company making news on Monday. Xpeng (NYSE:XPEV) also released its delivery data for the month of October today. That saw the company’s deliveries reach 3,040 vehicles, which is a 229% increase year-over-year.

Li Auto is another EV company that saw its stock increase on Monday. Just like with the other two, it released delivery data for October. Its total deliveries for the month reached 3,692 for its Li ONE SUV.

NIO stock was up 4.1% as of Monday morning.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media, https://investorplace.com/2020/11/ev-news-sends-nio-stock-up/.

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