Nio jumps 12% after reporting record monthly and quarterly electric vehicle deliveries - Business Insider

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NIO ES8 electric SUVs are seen displayed at the second media day for the Shanghai auto show in Shanghai

Reuters

• Nio surged 12% on Monday after it reported record monthly, quarterly, and yearly delivery numbers for the end of 2020.
• Nio delivered a record 7,007 electric vehicles in December, and 43,728 vehicles for the year, representing year over year growth of 121% and 113%, respectively.
• Nio will unveil a new sedan model and detail the latest developments on its autonomous driving technologies on January 9 at its fourth Nio Day event.
• Watch Nio trade live here.

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Nio jumped as much as 12% on Monday after it reported record monthly, quarterly, and yearly delivery numbers for the end of 2020.

The China-based electric vehicle manufacturer saw record demand for its model lineup, as the company sold 7,007 vehicles in December, representing year-over-year growth of 121%.

Nio delivered 17,353 vehicles in the quarter, and 43,728 vehicles for all of 2020, representing year-over-year growth of 111% and 113%, respectively.

China has been experiencing white hot demand for electric vehicles in recent months, with other manufacturers like XPeng and Li Auto beating Wall Street expectations and hitting new delivery records.

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"China remains a greenfield EV market opportunity as we believe overall EV sales can potentially double in the region over the next few years given the pent-up demand for EV vehicles across all price points," Wedbush's Dan Ives said in a note on Monday.

Nio has cumulatively sold 75,641 vehicles since its launch of the ES8, ES6, and EC6 in 2018 and 2019. On January 9, Nio will introduce a new electric sedan model and detail its ongoing developments in autonomous driving at the fourth Nio Day event. 

Tesla also impressed investors with its 2020 delivery figures. The company said it delivered nearly 500,000 vehicles in 2020, missing its target by just a few hundred vehicles. Tesla jumped 3% in Monday trades.

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