Nio Trades Higher After Releasing May Deliveries

Chinese electric vehicle maker Nio Inc NIO reported 1,089 ES8s were delivered in May, and a total of 2,213 vehicles delivered through the first two months of the second quarter.

As of May 31, deliveries of the Nio ES8 electric SUV, reached 17,550 total vehicles. Deliveries of the Nio ES8 reached 3,989 in the first quarter of 2019, compared with 7,980 vehicles delivered in the fourth quarter of 2018.

"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. We are pleased with the ES8 sales figures we have seen thus far as the second quarter progresses," said CEO William Li in a press release.

"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. We are also pleased that ES6, our 5-seater, sporty high-performance premium electric SUV, is on schedule to commence deliveries to users later this month."

Nio shares were trading up 3.7 percent at $3.07 Tuesday morning.

Related Links:

Nio Shares Drop On Poor Sales; UBS Remains Neutral

Bank Of America Downgrades Nio On Lower Sales Expectations

Photo courtesy of Nio.