Chinese Electric Carmaker Nio Delivers 3,268 SUVs in Third Quarter
Shares in the Chinese company were trading up nearly 6 percent Monday morning after the announcement.
Chinese electric carmaker Nio Inc. (NYSE: NIO) said on Monday it delivered 3,268 electric SUVs in the third quarter, exceeding its own target of 2,900 to 3,000 vehicles.
Shares in the company, listed in the U.S. since last month, jumped nearly 6 percent in the early hours of trading to $7.91 per American depositary share.
The stock of Nio spiked at $8.30 per share early, then retreated to $7.91 per share, up nearly 6 percent in trading Monday.
(Source: Thomson Reuters Eikon)
While the China national holiday and the planned maintenance will slow its deliveries for October, it remained on track to achieve the delivery goal of 10,000 ES8s for the second half of 2018, Nio said.
Delivery volume of the ES8, a 7-seater high-performance electric SUV, in September 2018 was 1,766 - a nearly 58 percent jump from the prior month, Nio said.
The company has sold 3,350 ES8s since starting delivery on June 28. Nio said it targets to launch its 5-seater premium SUV ES6 in June/July 2019.
Nio, formerly known as NextEV and backed by Chinese tech heavyweight Tencent Holdings Ltd. (HKEX: 0700), is one of several largely Chinese-funded EV startups betting on the benefits of local production to compete with firms such as Tesla Inc. (Nasdaq: TSLA).