NIO Stock: Why Smart EV Maker Nio Is Getting a Boost Today

Nio (NYSE:NIO) stock is getting a boost on Tuesday after the Chinese electric vehicle (EV) maker revealed delivery data from May 2021.

A Nio (NIO) sign and logo on a tan concrete building.

Source: Sundry Photography / Shutterstock.com

To start off with, Nio revealed that it delivered a total of 6,711 vehicles during the month of May. That represents a 95.3% increase in deliveries year-over-year. Let’s break down those numbers below.

  • ES8 — This is the company’s flagship smart EV SUV with six or seven-seat options. It made up 1,412 of the deliveries in May.
  • ES6 — This is Nio’s high-performance smart EV SUV that can transport up to five people. Deliveries for it in May were 3,017 units.
  • EC6 — This is a smart EV coupe SUV with five seats available. It was responsible for 2,282 of the deliveries during the previous month.

Nio notes that it saw an increase in deliveries during May despite the semiconductor shortage adversely affecting it for several days. The company also points out that cumulative deliveries of the ES8, ES6, and EC6 reached 109,514 units during the month.

A benefit for NIO stock comes from its guidance for Q2 deliveries. The company expects to accelerate deliveries to make up for the delays in May. This has it still expecting deliveries for the quarter to range from 21,000 to 22,000 units.

So how’s this affecting NIO stock today? It’s moved more than 25 million shares compared to its daily average trading volume of 92 million shares. The stock is also sitting 6.3% higher during trading on Tuesday morning.

Nio isn’t the only Chinese EV stock that is getting a boost on Tuesday. Xpeng (NYSE:XPEV) and Li Auto (NASDAQ:LI) also saw their shares rise on positive news. You can check that out at this link.

Investors that are looking for more hot stock market stories for Tuesday can keep reading.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


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