Nio Stock Is Trading Higher: What's Going On?

NIO Inc NIO shares are trading higher Monday after the EV maker provided a delivery update for the second quarter and June. 

What Happened: Nio said it delivered 10,707 vehicles in June, up from 6,155 vehicles in May. The company reported total deliveries of 23,520 for the second quarter, bringing cumulative deliveries up to 344,117 as of June 30. 

Deliveries last month consisted of 4,324 sedans and 6,383 SUVs versus deliveries of 3,759 sedans and 2,396 SUVs in May. 

On June 15, Nio launched the ET5 Touring and commenced deliveries of the vehicle the following day. The company also said it started ramping up deliveries of its ES8 SUV on June 28. 

Several electric vehicle stocks are trading higher Monday in sympathy with Tesla, which also reported strong delivery numbers for the second quarter. 

See Also: Nio Vs Xpeng Vs Li Auto: How Chinese EV Startups Fared On Q2 Deliveries

NIO Price Action: Nio shares were up 4.33% at $10.11 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Nio.