Nio’s stock rises as quarterly deliveries hit a record.

By abbasanwarinfo Last updated Oct 3, 2022

On Monday, shares of Nio Inc. went up after the company, which is based in China and makes electric cars, said that deliveries for September went up. This was enough to make deliveries for the last three months a quarterly record.

No, -1.43% said over the weekend that it delivered 10,878 electric vehicles (EVs) in September, which is 2.4% more than the 10,628 EVs it delivered in September of last year. Nio said that the deliveries were made up of 7,729 premium SUVs and 3,149 premium sedans.

For the third quarter, the company sold 31,607 cars, which is 29.3% more than at the same time last year.

The stock of Nio went up 1.2% before the market opened. On Thursday, the stock fell 10.1% to a four-month low. On Friday, it went up 1.2%.

Nio’s stock rises as quarterly deliveries hit a record.

Separately, shares of rival EV maker XPeng Inc. (XPEV, -1.75% in China) edged up 0.2% before the market opened on Monday. This was after the company said it delivered 8,468 EVs in September, which is 18.7% less than the 10,412 EVs it delivered in September 2021.

For the third quarter, deliveries rose 15.2% to 29,570 EVs. Year-to-date deliveries totaled 98,553 EVs, which is more than the number of EVs delivered in the entire 2021 calendar year.

And Li Auto Inc.’s stock LI, -2.50% fell less than 0.1% in Monday’s premarket after the China-based EV maker said September deliveries rose 62.5% from last year to 11,531 vehicles, bringing third-quarter deliveries up 5.6% to 26,524 vehicles.

Last week, Li cut its forecast for the third quarter from between 27,000 and 29,000 to between 25,500 and 29,000 because of problems with the supply chain.

Over the past three months, shares of Nio have dropped 26.2%, shares of XPeng have dropped 60.5%, and shares of Li Auto have dropped 39.0%. The iShares China Large-Cap exchange-traded fund FXI has lost 23.8%, while the S& P 500 index SPX has lost 6.3%.

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