Stock Alert: NIO Up 11% On Higher Vehicle Delivery

(RTTNews) - Shares of Chinese EV maker NIO Inc. (NIO) are climbing more than 11% after the company said its vehicle delivery in July increased more than 300% year-over-year.

NIO delivered 3,533 vehicles in July, 322.1% growth year-over-year.

As of July 31, 2020, NIO delivered 17,702 vehicles this year, increased 111.3% year-over-year.

"In July, we are pleased to have achieved the second-highest monthly delivery results despite the impact on productions due to a 5-day suspension of manufacturing to prepare for EC6 productions and other flood-related supply chain challenges," said William Bin Li, founder, chairman, and chief executive officer of NIO. "More proudly, we have achieved a record-high monthly order growth, attributed to a stronger demand of the ES8 and ES6, together with the increasing EC6 orders, thanks to the continuous support of our users. We believe we will be able to increase our production capacity significantly to support higher deliveries in the third quarter of 2020."

NIO stock is currently trading at $13.33. It has traded in the range of $1.19- $16.44 in the past one year.