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02 November 2020 14:40

NIO Tesla, Inc. NYSE:NIO

Chinese electric vehicle maker Nio Inc (NYSE: NIO) has doubled its year-over-year growth rate of vehicle deliveries in October 2020 to 5,055 units, hitting a monthly record. The company announced Monday that the aggregate deliveries for 2020 are up 111.4% YoY. What Happened: Of the 5,055 units delivered in October, 53% comprised of the five-seater SUV model ES6 at 2,695 units, 29% belonged to the 6-seater & 7-seater versions of the ES8 at 1,477 units, and 883 units of the premium electric coupe EC6. The company has delivered 31,430 units to date in 2020. Nio is set to release the Q3 2020 earnings results on November 17.

Nio Shares Rise On Record EV Deliveries In October

Why It Matters: Although the EC6 model was announced in December 2019, its deliveries began in September 2020. Nio grew its monthly shipments by 133% YoY to 4,708 units in September, and its quarterly shipments by 154% YoY 12,206 units. Earlier in October, Deutsche Bank analyst predicted a record number of deliveries for Nio in Q3 and Q4 2020. Analyst Edison Yu attributed the increase to the EC6 model launch. Domestic rival Li Auto Inc (NYSE: LI), which is set to release earnings on November 13, had reported monthly deliveries of 3,504 units in September and quarterly deliveries of 8,660 units. Price Action: Nio shares are trading 7.79% higher to $32.97 in the pre-market session on the last check Monday. Image Courtesy: Wikimedia