Shares of Chinese electric vehicle makers Nio (NIO) - Get NIO Inc. (China) Report and Li Auto (LI) - Get Li Auto Report gained on Wednesday after both companies reported strong upticks in November deliveries.
Shanghai-based Nio delivered 10,878 vehicles in November, a 105.6% year over year increase. Year to date, the company has delivered 80,940 vehicles, a 120% increase year over year.
Nio's five-seater high-performance premium smart electric SUV, the ES6, led the way in the month, with 4,713 deliveries.
Nio shares jumped 3.6% premarket Wednesday.
Meanwhile, Beijing's Li Auto reported delivering 13,485 vehicles in the month, a 190.2% year over year increase that was a new record for the company. Total deliveries year to date reached 76,404.
"We are excited to see Li ONE emerge as one of the best choices for large SUV users and families in China. This impressive result reflects widespread user endorsement of our outstanding product features and performance," said Yanan Shen, co-founder and president of Li Auto.
As of the end of the month, Li Auto had 174 retail stores in 93 cities.
On Tuesday, shares of Nio fell after the company denied reports that it plans to establish a factory in Europe as part of its expansion plans.
Reports had said that Nio was planning a production base in Poland after the company put a job posting on LinkedIn seeking an "EU plant operation manager."
"At present Nio is not planning a manufacturing site in Poland," the company said in a statement to Automotive News Europe.
Nio's American depositary receipts were up 3.3% at $40.43 at last check. Li Auto's ADRs were up 3.17% at $36.56.