The Nio Eve concept car
AFP via Getty Images
Shares of Nio Inc. soared toward a record Monday, after the China-based electrical vehicle maker reported October deliveries that doubled to a monthly record of more than 5,000 vehicles.
The stock
NIO,
shot up 13.1% to $34.57 in very active morning trading, well above the Oct. 29 record close of $31.99.
Trading volume topped 53 million shares within the first 20 minutes after the open, enough to make the stock the most actively traded on the New York Stock exchange.
Nio reported overnight that it delivered 5,055 vehicles in October, up 100.1% from the same period a year ago, and a new monthly record.
The deliveries included 2,695 of its 5-seater premium smart electric sport utility vehicle (SUV), the ES6, and 1,477 of its 6-seater and 7-seater flagship premium smart electric SUV, the ES8.
The company also delivered 883 of its 5-seater electric coupe SUV, the EC6.
FactSet, MarketWatch
So far in 2020, Nio has delivered 31,430 vehicles, up 111.4% from the same period a year ago.
Nio’s stock has skyrocketed 759.9% so far this year. In comparison, shares of U.S.-based rival Tesla Inc.
TSLA,
have run up 380.8%, while the iShares MSCI China exchange-traded fund
MCHI,
has climbed 23.2% and the S&P 500 index
SPX,
has gained 2.2%.
