EV Makers Get a Boost from Nio's Record Deliveries

By
Bill McColl
Bill McColl
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Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

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Published July 01, 2024
10:55 AM EDT
A NIO vehicle on display in Tianjin, China, in June.

 Costfoto / NurPhoto / Getty Images

Key Takeaways

  • Electric vehicle maker Nio announced record June and quarterly deliveries.
  • The company's 21,209 deliveries in June was an increase of 98% from a year ago, and second quarter deliveries of 57,373 was a 144% jump.
  • ADRs of Nio and Chinese rivals, as well as shares of American EV manufactures, advanced.

Nio's (NIO) American Depositary Receipts (ADRs) jumped Monday after the Chinese electric vehicle (EV) maker reported a second-straight month of record deliveries.

The news lifted ADRs of Chinese rivals, as well as shares of American EV manufacturers.

Nio said it delivered 21,209 vehicles in June, a near-doubling from last June's number and a record high, topping the 20,544 set in May. The total consisted of 11,581 SUVs and 9,628 sedans, the company said.  

The company also posted record deliveries for the second quarter, delivering 57,373 EVs, a 144% year-over-year gain that was above its previous guidance. As of the end of June, Nio has delivered 537,020 vehicles.

Nio's U.S.-listed ADRs were recently up more than 5%. Those of Li Auto (LI) and XPeng (XPEV) also advanced as those EV firms announced deliveries of 47,774 and 10,668 vehicles, respectively.

Shares of Tesla (TSLA) and Rivian Automotive (RIVN) were also higher. Rivian secured a multibillion-dollar investment from Volkswagen last week.

NIO, LI, XPEV, TSLA, RIVN

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  1. Nio. "NIO Inc. Provides June and Second Quarter 2024 Delivery Update."

  2. XPeng. "XPENG Announces Vehicle Delivery Results for June and First Half 2024."

  3. Li Auto. "Li Auto Inc. June 2024 Delivery Update ."

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