What happened
The shares of Chinese electric vehicle (EV) maker Nio (NIO 3.49%) soared 9% early Tuesday as it and other EV manufacturers have been releasing production and delivery updates over the past several days. Nio shares remained up by 7.4% for the day, as of 3:03 p.m. ET.
So what
Nio led off a series of releases from automakers over the weekend with its third-quarter delivery data update. Nio delivered 10,878 EVs in September, making it tied for the second-highest month for deliveries behind the 12,961 delivered in June 2022. The company matched last month's deliveries in November 2021. But struggles that included supply chain constraints and COVID-19 lockdowns in China have impacted the company's production since last fall. Investors are happy to see the company getting back to that level of deliveries now, especially with new models just having recently launched.
Image source: Nio.
Now what
Nio's September total included nearly 1,900 of its ES7 SUV model, which just started production at scale in August. The company also began offering smart electric sedans for the first time this year, and those sales are beginning to grow. It delivered more than 2,900 of its ET7 and just started shipping the smaller mid-size ET5 in September with 221 units delivered.
Nio has also started expanding its market outside China with deliveries growing in Europe this year. Investors may be starting to look at the company as more of a global player, and that helps explain today's stock move. Other automakers have also been releasing delivery updates this week, including Ford Motor Company and Tesla. Both are continuing to see expanding demand for EVs and that's good news in the long run for Nio, too.
