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Stocks of Nio Surge After August Ev Deliveries Leap 81%

September 1, 2023
minute read

Nio Inc. saw its shares rise on Friday, marking a positive start to September, as the China-based electric-vehicle manufacturer reported a significant surge in its delivery numbers.

During premarket trading, Nio's stock (NIO) gained 1.8%, potentially ending a three-day downtrend. August had been a challenging month for the company, with its stock closing at an eight-week low of $10.27 the previous day.

The company disclosed that it successfully delivered 19,329 vehicles in August, marking an impressive 81.0% increase compared to the 10,677 electric vehicles (EVs) delivered during the same period a year ago. This strong performance followed a remarkable doubling of deliveries in July when Nio delivered 20,462 EVs.

Nio's deliveries for August comprised 12,015 sport-utility vehicles and 7,314 sedans. Year-to-date, Nio has delivered a total of 94,352 vehicles, reflecting a robust 31.9% increase from the 71,556 EVs delivered by the same time last year.

Throughout August, Nio's shares experienced a decline of 32.9%, representing its most significant monthly decline since a 38.7% drop in October 2022. This decline made Nio significantly underperform its peers and the broader market. The three-day losing streak at the end of the month followed a less optimistic second-quarter report, which featured widened losses and revenue falling short of forecasts.

On a positive note, shares of other China-based EV manufacturers also experienced gains on Friday, while Tesla Inc. (TSLA) saw a slight decline.

Li Auto Inc.'s (LI) stock showed a 1.9% increase ahead of the market opening, following the company's announcement of a remarkable 663.8% surge in August deliveries, totaling 34,914 EVs. Li Auto reported that each of its three Li L series models exceeded 10,000 deliveries.

XPeng Inc.'s (XPEV) shares rose by 3.2% after the company revealed that it had delivered 13,690 EVs in August, marking a substantial 42.9% increase from the 9,578 EVs delivered in the same period the previous year.

In contrast, Li Auto's stock had declined by 2.7% in August, and XPeng shares had fallen by 15.0%. Comparatively, the iShares MSCI China ETF (MCHI) had decreased by 9.8%, and the S&P 500 index (SPX) had eased by 1.8% during the same month.

Meanwhile, Tesla, which generated 23% of its total second-quarter revenue from China, experienced a 0.4% premarket decline following a 3.5% loss in August. The company decided to reduce prices on its Model S and Model X EVs in China as part of its strategy to stimulate sales, marking the second price reduction in two weeks.

Cathy Hills
Associate Editor
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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