Chinese EV maker NIO extends gains on upbeat delivery outlook for Q2

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NIO Inc., a leading Chinese electric vehicle (EV) manufacturer, saw its shares reaping solid gains throughout Tuesday, after the company reported upbeat EV delivery readings for the first two months of the second quarter (Q2).

With 1,089 ES8s delivered in May, a total of 2,213 such EVs were delivered in April and May, the automaker said in a statement on Tuesday.

"With April and May deliveries completed, we now anticipate full second quarter ES8 deliveries to be near the top of, or to exceed, the company's prior guidance range of 2,800 to 3,200 quarterly deliveries," said William Li, founder, chairman and CEO of NIO.

Customers look on as a NIO Inc. EP9 sports car stands on display inside the Nio House showroom at the Shanghai Tower in Shanghai./ VCG Photo

Shares of NIO rose around 2.7 percent around market close. As of Tuesday, the New York Stock Exchange-listed firm has been valued at over 3.1 billion U.S. dollars in terms of market capitalization.

NIO began delivering the ES8, a 7-seater high-performance premium electric SUV in China in June 2018, and its variant, the 6-seater ES8, in March 2019.

As of May 31, aggregate deliveries of the ES8 reached 17,550 total vehicles.

"In light of the challenging macroeconomic and Chinese auto market backdrop, our team has been working to deepen our market penetration and expand our channels," Li added.

The company also announced that the ES6, a 5-seater high-performance premium electric SUV launched in December, is on schedule to commence deliveries to users later this month.

Founded in November 2014 and listed in the United States in September 2018, the Shanghai-based company designs, jointly manufactures, and sells smart and connected premium EVs.

Source(s): Xinhua News Agency