Why Nio Stock Is Racing Higher Today

NIO Inc NIO shares are trading higher Wednesday after the company provided a delivery update for May.

Nio said it delivered 7,024 vehicles in May bringing its total deliveries year-to-date to 37,866 vehicles, representing an increase of 11.8% year-over-year. 

The deliveries consisted of 746 ES8s, 2,936 ES6s, 1,635 EC6s and 1,707 ET7s. Cumulative vehicle deliveries as of May 31 totaled 204,936.

Although vehicle production gradually recovered in May, Nio said the impacts of COVID-19 outbreaks in China still constrained deliveries. Nio noted that it plans to further ramp up the production capacity by working more closely with supply chain partners beginning in June.

Nio is set to announce its first-quarter financial results before the market opens on June 9.

See Also: Nio Vs. XPeng Vs. Li Auto: How May Deliveries Stack Up

NIO Price Action: Nio shares have traded between $11.67 and $55.13 over a 52-week period.

The stock was up 6.53% at $18.54 at press time.

Photo: courtesy of Nio.