Chinese electric vehicle (EV) maker NIO (NYSE: NIO) shares surged 10 percent to $33.69 in pre-market trading, as its October deliveries went up at another high rate.
The company released data today showing that it delivered 5,055 vehicles in October, up 100.1% year-on-year and marking the eighth consecutive month of year-on-year growth.
The deliveries consisted of 2,695 ES6s, its 5-seater premium smart electric SUV, 1,477 ES8s, the company's 6-seater and 7-seater flagship premium smart electric SUV, and 883 EC6s, the company's 5-seater premium electric coupe SUV.
This is also the first monthly mass delivery of the EC6, which is positioned as an electric coupe, and follows the basic design framework of the ES6 model, with a sportier, more sporty design than the ES6.
NIO delivers 5,055 vehicles in October, up 100.1% year-on-year
In a report titled "A strong EV leader in the making" published on October 28, Morgan Stanley analyst led by Tim Hsiao said previously they saw NIO's coupe SUV EC6 as a window-dressing product to its flagship ES6. "However, our recent EV trip and channel checks suggest that demand for EC6 has surprised on the upside."
Also adding to investor sentiment is that NIO is reportedly in the process of setting up an overseas division, tentatively codenamed the "Marco Polo Project", to sell its models in Europe.
Chinse media report cited sources close to NIO as saying that the first overseas NIO House could be in Copenhagen, Denmark.
NIO establishes 'Marco Polo Project' to accelerate entry into overseas markets
Tesla's Chinese rival and Alibaba-backed XPeng Motors also saw its shares went up by about 8 percent in pre-market trading after the company said it delivered 3,040 units in October, an increase of 229% year-on-year, and reached over 3,000 units for the second consecutive month.
XPeng October deliveries reach 3,040 units, up 229% year-on-year
Another Chinese electric vehicle (EV) maker Li Auto (NASDAQ: LI) saw similar moves in its shares after it said the Li ONE, the company's only model on sale, delivered 3,692 units in October, the third consecutive month of record monthly sales.
Li Auto delivers 3,692 vehicles in October, setting record for third consecutive month
