Nio Vehicle Deliveries Almost Triple in June and Second Quarter

Chinese electric-car producer Nio reported that vehicle deliveries nearly tripled in June and in the second quarter.
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Nio  (NIO) - Get Report shares on Thursday jumped after the Chinese electric-car maker reported that its vehicle deliveries nearly tripled in June and in the second quarter from the year-earlier periods.

Nio delivered 3,740 vehicles in June and 10,331 in the second quarter. The second-quarter figure was more than double the first-quarter figure. 

For the first half of the year, deliveries totaled 14,169.

In June, the company delivered 2,476 ES6s, the company’s 5-seater, and 1,264 ES8s, the six- and seven-seater models.

“In June, we achieved a historical high of monthly deliveries, contributing to our best quarterly performance,” William Bin Li, founder and chief executive, said in a statement.

Last Wednesday, Goldman Sachs cut its rating on Nito to neutral from buy, though the firm raised its share-price target to $7 from $6.40.

Goldman Sachs analyst Fei Fang still likes the company but acted on its valuation, he said in a commentary. He had raised his rating on Nio to buy from neutral just three weeks prior.

Nio American depositary receipts recently traded at $8.87, up 12%. They have tripled in the past three months.

In other electric car delivery news Friday, Tesla  (TSLA) - Get Report shares jumped after the electric-vehicle producer posted stronger-than-expected second-quarter figures.

Tesla, which overtook Toyota Motor  (TM) - Get Report as the world's most valuable car maker by market value Wednesday, delivered 90,650 units over the three months ended in June.

That was more than 25% ahead of the Wall Street consensus forecast of 72,000. In the year-earlier quarter, Tesla sent 95,200 million units.

Tesla shares recently traded at $1,213.67, up 8%. They have more than doubled in the past three months.