Nio's stock surges after reporting deliveries more than doubled in 2021

nio's-stock-surges-after-reporting-deliveries-more-than-doubled-in-2021

Shares of Nio Inc. NIO, -2.28% shot up 4.6% in premarket trading Monday, after the China-based electric vehicle maker announced record fourth-quarter deliveries. The stock’s bounce comes after it tumbled 19.0% in December, the worst monthly performance since it dropped 19.7% in February, and hit a 14-month closing low of $28.16 on Dec. 20. Over the weekend, the company said it delivered 10,489 EVs in December, up 49.7% from a year ago. That lifted fourth-quarter deliveries by 44.3% to a quarterly record, and full-year 2021 deliveries to 91,429, which was up 109.1% from 2020. Nio’s announcement comes as fellow China-based EV makers XPeng Inc. XPEV, +2.92% said fourth-quarter deliveries rose 222% to 41,751 vehicles and Li Auto Inc. LI, +0.47% said fourth-quarter deliveries grew 143.5% to 35,221. And U.S.-based EV industry leader Tesla Inc. TSLA, -1.27% said overnight that it also delivered a record 308,000 vehicles during the fourth quarter, which was well above expectations. Nio’s stock has dropped 10.5% over the past three months through Friday, while Tesla shares have run up 36.3% and the S&P 500 SPX, -0.26% has gained 9.4%.

Source: Marketwatch

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