Shares of Nio Inc. rallied Wednesday, after the China-based electric vehicle maker reported October vehicle deliveries that rose nearly 60% from a year ago, but its rivals reported much stronger growth.
The stock
NIO,
bounced 0.4% in premarket trading, after closing Tuesday at the lowest price since June 29, 2020.
The gain trailed that of its EV rivals, as Li Auto Inc.’s stock
LI,
jumped 1.2% and XPeng Inc. shares
XPEV,
climbed 3.9%.
Nio said it delivered 16,074 EVs in October, up 59.8% from the 10,079 vehicles delivered in the same period a year ago. The deliveries included 11,086 electric sport-utility vehicles and 4,988 electric sedans.
Year to date, the company has 126,067 EVs, 36.3% more than at the same time last year.
Meanwhile, XPeng said it delivered 20,002 vehicles in October, up 292% from a year ago.
And Li Auto announced a monthly record of 40,422 vehicle deliveries in October, up 302.1% from a year ago.
“Following steady growth for 10 consecutive months, Li Auto achieved a new milestone with over 40,000 monthly deliveries, a strong testament to our ever-improving organizational capabilities across production, sales, and services,” said Li Auto Chief Executive Xiang Li. “Notably, we are the first Chinese emerging new energy automaker to reach this benchmark, highlighting our entrance into the next stage of accelerated scale growth.”
Shares of EV giant Tesla Inc.
TSLA,
which generated 21.5% of third-quarter revenue — $5.02 billion — in China, gained 0.6% ahead of Wednesday’s open.
In comparison, the iShares MSCI China ETF
MCHI
slipped 0.2% while futures
ES00,
for the S&P 500 index
SPX
lost 0.4%.
