Shares of Nio (NIO), Li Auto (LI), and Xpeng (XPEV) Gain After Reporting Record Deliveries
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
Shares of Nio (NYSE: NIO) are trading 2.7% higher in pre-open trade Monday after the electric carmaker said that deliveries in 2020 more than doubled to 43,728 vehicles compared to a year ago. In December, the company delivered 7,007 units (up 121% from Dec 2019).
For the fourth quarter, Nio delivered 17,353 vehicles, which represents an increase of 111% year-on-year. The company plans to announce its first sedan on Saturday.
“These results are attributable to the growing recognition of our premium brand, the competitive and compelling products and services, the expanding sales network, and most importantly, the continuous support from our passionate and loyal user community," said William Bin Li CEO.
Reported figures are in line with a wider trend that shows a surge in sales and deliveries in China. Nio’s rivals Li Auto (NASDAQ: LI) and Xpeng (NASDAQ: XPEV) reported deliveries of 32,624 and 27,941 units, respectively for 2020. Shares of these two companies are up 4% and 4.4%, respectively, in pre-market trading session Monday.
Earlier, Tesla (NASDAQ: TSLA) reported deliveries of 499,550 vehicles for the last year after posting a record-breaking quarter of 180,570 deliveries.
“China remains a greenfield EV market opportunity as we believe overall EV sales can potentially double in the region over the next few years given the pent-up demand for EV vehicles across all price points,” Wedbush analyst Daniel Ives said in a note over the weekend.
Tesla stock price trades 2.7% higher in pre-open Monday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Tesla (TSLA) Discussing a Low-Cost Battery Supply Deal With China's EVE - Report
- Cathie Wood's ARK Adds Another 2.1M Shares of Palantir (PLTR) on Wednesday, Bought ~6M Shares So Far This Week
- Bitcoin Stocks Lower as Musk Tanks Market
Create E-mail Alert Related CategoriesCorporate News, Momentum Movers, Trader Talk
Related EntitiesTesla, Pre Market Movers
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!