Nio Inc. reported over the weekend April deliveries that more than doubled from a year ago, but growth slowed from the near-fivefold jump to a record in March.
The China-based electric vehicle maker said on Saturday that it delivered 7,102 vehicles in April, up 125.1% from the same period last year. The deliveries consisted of 1,523 ES8s, the six- and seven seater premium SUV, 3,163 ES6s, the five-seater SUV, and 2,416 EC6s, the five-seater coupe SUV.
For March, Nio had reported deliveries growth of 373%, to a monthly record of 7,257 vehicles, which boosted first-quarter delivery growth to a quarterly record of 423%.
Nio’s stock NIO,
Last week, Nio reported first-quarter results that beat expectations, but renewed concerns about its supply chain and a shortage of semiconductors that has hindered the auto industry.
On Monday, Mizuho analyst Vijay Rakesh reiterated his buy rating on Nio but raised his stock price target to $65 from $60, saying the company is expected to be “a significant beneficiary” from the planned NeoPark industrial complex.
Among other China-based EV makers, Xpeng Inc. XPEV,
And Li Auto Inc. LI,
Shares of XPeng rose 1.0% ahead of Monday’s open, while Li Auto’s stock gained 2.1%.
Year to date, shares of Nio have dropped 18.3%, XPeng have slid 30.2% and Li Auto have dropped 31.5%, while rival Tesla Inc.’s stock TSLA,
