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Nio (NIO) - Get NIO Inc. (China) Report  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. 

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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.

Tesla (TSLA) - Get Tesla Inc Report , the company's top competitor in China, rose on Tuesday, up 1% at $240.05.