What Sent NIO Shares 25% Higher Monday Afternoon?
Shares of NIO (NYSE: NIO), a Chinese premium electric vehicle manufacturer, popped as high as 25% Monday afternoon before giving back some gains, after releasing October delivery totals.
Investors who have watched shares of NIO shed over 70% of their value year to date finally received some welcome news: It delivered 2,526 vehicles in October, which was good for a 25.1% increase from a strong delivery in September. The impressive totals were recorded despite a seven-day National Day holiday in the beginning of October. Deliveries broke down to 2,220 ES6 models and 306 ES8 vehicles.
"Our solid sequential improvement in deliveries continued in October, mainly driven by the hard work and strong execution of our sales teams," said CEO William Li in a press release. "We appreciate the support from our users and believe in the power of word of mouth as our vehicles and services continuously evolve and optimize."
Source Fool.com
