Nio (NIO) stock advanced lightly in early Monday trading as the Chinese electric vehicle (EV) purveyor met its quarterly delivery target after announc
NIO stock added about 1% on the delivery news in Monday premarket.stock advanced lightly in early Monday trading as the Chinese electric vehicle purveyor met its quarterly delivery target after announcing deliveries of 15,641 units in September. That figure, helped by a surplus of SUV sales, pushed Nio to meet management’s third-quarter target of deliveries between 55,000 and 57,000.
September’s figures consisted of 11,504 electric SUVs and 4,137 electric sedans. The better mix of SUVs will likely help Nio’s struggle with profitability when it reports Q3 earnings on November 9.– both overshadowed Nio’s data from September. XPeng reported an 81% surge in YoY deliveries to 15,310. Even more impressive, Li Auto’s September deliveries exploded 213% from a year ago to 36,060.
Nio’s share price has been beaten down since the automaker raised more than $1 billion in a dilutive convertible bond offering in mid-September. Nio’s share price fell more than 20% following the announcement, but has recently rebounded around 10%.Nio is a designer and manufacturer of electric vehicles based in Shanghai, China. Formerly known as NextEV, the company changed its name to Nio in 2017.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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