Nio (NIO) shares rose as much as 12% Tuesday after the Chinese electric-vehicle maker reported third-quarter deliveries ahead of its estimates.
The Shanghai company delivered 4,799 vehicles in Q3, ahead of its internal forecast of between 4,200 and 4,400. The company increased deliveries 35% from the second quarter.
Of the total Q3 deliveries, 4,196, or 87%, were the ES6 5-seater SUVs.
Nio delivered 2,019, or 42%, of the quarter's cars in September.
Production and delivery of the ES6 "continued to ramp up after its initial launch in June," Chief Executive William Li said in a statement.
The executive added that the increased deliveries came as Nio was "[facing] unfavorable economic conditions and auto-industry trends."
Nio shares recently finished up 9.7% at $1.70. They traded on Tuesday as high as $1.74. Through Monday's close, Nio shares had lost three-quarters of their market value.