Shares of Nio Inc. rose Friday, starting September on a bright note, after the China-based electric-vehicle maker reported another big jump in deliveries.
climbed 1.8% in premarket trading, putting it on track to snap a three-day losing streak. After a rather rough August, the stock closed Thursday at an eight-week low of $10.27.
The company said it delivered 19,329 vehicles in August, up 81.0% from the 10,677 EVs delivered in the same period a year ago. That follows a more than doubling in deliveries in July, when it delivered 20,462 EVs.
Nio’s August deliveries included 12,015 sport-utility vehicles and 7,314 sedans.
So far this year, Nio has delivered 94,352 vehicles, up 31.9% from the 71,556 EVs delivered year-to-date at the same time last year.
Nio shares had tumbled 32.9% in August, the biggest monthly selloff since it plunged 38.7% in October 2022, to underperform its peers and the broader market by a wide margin. The three-day losing streak to end the month followed a downbeat second-quarter report, in which losses widened and revenue fell more than forecast.
Shares of other China-based EV makers also rallied Friday, while Tesla Inc.’s stock
Li Auto Inc.’s stock
hiked up 1.9% ahead of the open, after the company reported a 663.8% surge in August deliveries to 34,914 EVs. The company said deliveries for each of the three Li L series models topped 10,000.
XPeng Inc.’s shares
jumped 3.2% after the company said it delivered 13,690 EVs in August, up 42.9% from the 9,578 EVs delivered a year ago.
Meanwhile, shares of Tesla, which generated 23% of its total second-quarter revenue from China, slipped 0.4% in premarket trading, after losing 3.5% in August. The company cut prices on its Model S and Model X EVs in China on Friday, two weeks after lowering prices, in a bid to boost sales.