Nio Inc., a China-based electric vehicle manufacturer, announced strong delivery numbers for the month of July. The company reported a significant increase in deliveries compared to the same period last year, with their new ES6 sport-utility vehicle leading the way.
Impressive Delivery Numbers
Nio Inc. delivered a total of 20,462 vehicles in July, marking a remarkable 103.6% increase from the previous year’s figure of 10,052 EVs. This also represents a 91.1% increase from the 10,707 EVs delivered in June.
Of the total deliveries, 14,066 were SUVs while 6,396 were sedans. Notably, deliveries of Nio’s new ES6 SUV, which made its debut in late May, surpassed the significant milestone of 10,000 units.
Strong Performance Among Competitors
In addition to Nio Inc., other major players in the electric vehicle market are also seeing positive performance. Li Auto Inc. reported July deliveries of 34,134 vehicles, an impressive 227.5% increase from the previous year. This sets them on track to achieve their highest price since November 2020.
Meanwhile, XPeng Inc. delivered 11,008 EVs in July, showing a slight decrease of 4.5% compared to the same period last year. However, it represented a 27.7% increase from their June deliveries.
Impact on Stock Prices
Following Nio’s announcement of their delivery numbers, their stock price experienced a 2.6% decline in premarket trading. Despite this dip, Nio’s stock had seen an impressive seven-day winning streak, surging by 48.3% during that period to reach its highest price since October 2022.
Li Auto Inc.’s shares rose by 1.1% in anticipation of reaching their highest price since November 2020. In contrast, XPeng Inc.’s stock witnessed a 4.9% decline in premarket trading after experiencing a significant drop of 10.6% on the previous trading day.
Overall Market Performance
Year to date, Nio’s shares have increased by 56.9%, Li Auto’s shares have surged by 109.8%, and XPeng’s stock has seen a remarkable growth of 110.5%. In comparison, Tesla Inc., known for its presence in the Chinese market, has witnessed a 117.1% increase in its stock price so far this year.
As the electric vehicle industry continues to gain traction, Nio Inc., alongside its competitors, is capturing the attention of investors and consumers alike. With their strong delivery numbers and market performance, these companies are poised for future growth and success.