Nio (NYSE:NIO) news for Monday concerning a sales update that came out last week has NIO stock on the rise.
A Nio news release on Thursday revealed its sales data for the second quarter of 2020, as well as June. According to the company, it delivered 10,331 vehicles in Q2 and 3,740 vehicles during June. That represents a 190.8% year-over-year (YoY) increase for the second quarter and a 179.1% YoY increase in June.
The news of positive sales sent NIO stock soaring 18.7% on Friday and that momentum is continuing into today. That makes sense with deliveries increasing as strongly as they have. It’s also worth pointing out that the electric vehicle company’s ES8 and the ES6 models are up to 46,082 deliveries in total.
William Bin Li, founder, chairman and CEO of Nio, said this about the news.
“In June, we achieved a historical high of monthly deliveries, contributing to our best quarterly performance. We appreciate the continuous support from our growing and loyal user community. We are proud of our team for their strong execution from production to delivery. We remain committed to offering the best premium smart electric vehicles and the best user experience to our users.”
Another thing to note is that Nio’s second-quarter deliveries are above its estimates provided in Q1 earnings. The company was only expecting deliveries for the quarter to range from 9,500 to 10,000 vehicles.
NIO stock was up 19.1% as of Monday afternoon and is up 152.2% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.
