NIO Inc (NYSE:NIO) shares are trading higher Tuesday after the company provided a delivery update for October.
Nio said it delivered 10,059 vehicles last month, representing an increase of 174.3% year-over-year. The deliveries consisted of 5,979 SUVs including 2,814 ES7s, and 4,080 sedans including 3,050 ET7s and 1,030 ET5s.
“The vehicle production and delivery were constrained by operation challenges in our plants as well as supply chain volatilities due to the COVID-19 situations in certain regions in China,” the company said.
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Year-to-date, Nio has delivered 92,493 vehicles, up 32% year-over-year. Cumulative deliveries of Nio vehicles have grown to 259,563.
Nio shares may also be trading higher Tuesday amid unconfirmed rumors suggesting a committee was exploring ways to ease China’s Zero COVID policy.
Nio is a China-based EV company that designs, develops, jointly manufactures and sells premium smart electric vehicles.
NIO Price Action: Nio has a 52-week high of $33.80 and a 52-week low of $8.37.
The stock was up 7.96% at $10.43 at time of publication.
Photo: courtesy of Nio.
