Why Tesla’s Chinese Rival Nio’s Stock Is Accelerating Premarket Today?

Nio, Inc. (NIO) shares climbed over 2% in the early premarket trading on Wednesday after the Chinese electric-vehicle (EV) maker reported record monthly and quarterly deliveries.

On Stocktwits, Nio’s stock was among the top five trending equity tickers as of early Wednesday. That said, sentiment toward the stock was ‘neutral’ (51/100) early Wednesday, although improving from the ‘bearish’ mood seen the day before. The message volume on the stream was at 'normal' levels.

Shanghai, China-based Nio reported deliveries of 34,749 in September, representing a 64% increase from the same month last year. On a quarter-over-quarter basis, sales rose 11%. Brand-wise breakup is as follows:

• Nio-branded premium EVs: 13,728 premium 
• Onvo-branded smart family EVs: 15,246 
• Firefly branded small, smart, high-end EVs: 5,775 vehicles

Earlier in the day, Chinese peers XPeng (XPEV) and Li Auto (LI) also reported their delivery figures, with the former clocking 95% YoY and 10% sequential growth to 41,581 EVs. The latter’s September deliveries were at 33,951 units, marking a more modest 19% YoY climb.

Nio delivered 87,071 vehicles in the third quarter, also a record and representing a 40.8% YoY increase. The performance, however, aligned with the low end of the guidance range of 87,000 to 91,000 units, issued in early September.

Nio officially launched its flagship premium SUV, the all-new ES8, on September 20, with user deliveries starting shortly after. “Setting a new benchmark for the premium large three-row battery electric SUVs, the All-New ES8 offers users a refined, safe, and seamless experience on every journey towards a new horizon,” the company said.

A bullish watcher on the Stocktwits platform lauded the deliveries report as “big news.” “The road ahead? Even brighter. Let’s keep breaking records together,” they said.

Another user saw a big day ahead for the stock.

For the year-to-date period, Nio stock has gained about 75%.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Read Next: Alphabet Stock Outperformed Mega-Cap Tech Peers In Q3, Thanks To 38% Quarterly Jump — Best In Nearly 2 Decades: But Retail Holds Off

Share

·

Add us on