EV Makers Get a Boost After Nio’s Record Deliveries
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Key Takeaways
Electric vehicle maker Nio announced record June and quarterly deliveries.
The company’s 21,209 deliveries in June was an increase of 98% from a year ago, and second quarter deliveries of 57,373 was a 144% jump.
ADRs of Nio and Chinese rivals, as well as shares of American EV manufactures, advanced.
Nio’s (
NIO
)
American Depositary Receipts (ADRs)
jumped Monday after the Chinese electric vehicle (EV) maker reported a second-straight month of record deliveries.
The news lifted ADRs of Chinese rivals, as well as shares of American EV manufacturers.
Nio said it delivered 21,209 vehicles in June, a near-doubling from last June’s number and a record high, topping the 20,544 set in May. The total consisted of 11,581 SUVs and 9,628 sedans, the company said.
The company also posted record deliveries for the second quarter, delivering 57,373 EVs, a 144% year-over-year gain that was above its previous guidance. As of the end of June, Nio has delivered 537,020 vehicles.
Nio’s U.S.-listed ADRs were recently up more than 5%. Those of Li Auto (
LI
) and XPeng (
XPEV
) also advanced as those EV firms announced deliveries of 47,774 and 10,668 vehicles, respectively.
Shares of Tesla (
TSLA
) and Rivian Automotive (
RIVN
) were also higher. Rivian secured a
multibillion-dollar investment
from Volkswagen last week.
