Nio Stock Continues To Race Higher: What's Going On?

NIO Inc NIO shares are trading higher Tuesday after rising nearly 8% on Monday amid strength in Chinese names. The stock is now up more than 20% over the last month. Here's a look at what's been driving the action.

What To Know: At the beginning of the month, Nio provided a delivery update for the second quarter and June. 

Nio said it delivered 10,707 vehicles in June, up from 6,155 vehicles in May. Deliveries last month consisted of 4,324 sedans and 6,383 SUVs versus deliveries of 3,759 sedans and 2,396 SUVs 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. 

Nio launched and commenced deliveries of the ET5 Touring in mid-June. The company also said it started ramping up deliveries of its ES8 SUV toward the end of the month.

On Monday, Nio shares traded higher after the China Passenger Car Association (CPCA) said that although China sales in June were slightly down, sales in the first half of the year climbed 2.5% to 9.65 million units.

Nio is also currently sitting atop Benzinga's whisper index, which uses proprietary data to highlight stocks investors are currently monitoring closely. 

See Also: What's Going On With Alibaba Stock Tuesday?

NIO Price Action: Nio shares are up 21.26% over the last month. The stock was up 2.41% at $11.04 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Nio.