Nio (NIO 3.20%) stock has been on the move higher this week. As of Thursday, 2:45 p.m. ET, shares of the Chinese electric vehicle (EV) maker have jumped by 11.8%, according to data provided by S&P Global Market Intelligence.
While the move continues an upward trend since July, this week's jump came after Nio reported strong September EV sales. In fact, those record monthly sales also led to a record quarter for Nio's EV deliveries.
Image source: Nio.
Nio stock has more than doubled since July
Nio reported a record 34,749 vehicle deliveries last month. That was a 64% year-over-year increase, and helped the company reach a new quarterly record with over 87,000 EVs delivered. Nio stock had already been marching higher leading up to that report. Shares have more than doubled since July, and are now almost 80% higher year to date.
Management took advantage of that stock run by announcing a new equity offering that raised more than $1 billion. The company plans to use those proceeds to continue to develop new technology platforms and vehicle models across its three brands.
Those brands include its two new lower-price brands aimed at a larger consumer base. Those Onvo and Firefly brands continue to grow sales, representing 60% of September deliveries. Investors can now see a path for Nio to meaningfully increase volumes. It has been accelerating its volume growth in recent months, as the chart below shows.
Data source: Nio. Chart by author.
That trend had investors adding shares of Nio to their portfolios this week.
