Nio jumps after it reports record sales in June, soaring 116% year-over-year

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Nio jumped as much as 3% on Thursday after it reported record monthly sales in June.The Chinese-based EV manufacturer delivered 8,083 vehicles in June, representing year-over-year growth of 116%.Cumulative deliveries of the company’s entire product lineup has reached 117,597 vehicles.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.Nio jumped as much as 3% in Thursday trades after the Chinese-based EV manufacturer reported record monthly sales in June.
The company said it sold 8,083 vehicles in June, representing year-over-year growth of 116%. For the quarter ending June 30, the company delivered 21,896 vehicles, representing year-over-year growth of 112%. The best selling vehicle in June was Nio’s ES6, a five-seater electric SUV, according to the company.
The strong sales in June comes after a light April and May, in which supply chain disruptions led to single-digit sales declines for the company.
Cumulative deliveries of Nio’s entire product lineup has reached 117,597 vehicles. Nio began selling cars in 2018.
Following the results, Bank of America reiterated its Buy rating on Nio, arguing that its battery swap station expansion is helping it gain market share in China.
Now all eyes are on Tesla’s sales figures for the month of June and second quarter. Wall Street analysts expect the company to sell at least 200,000 vehicles in the second quarter. The data will be revealing, as analysts have suggested Tesla is losing market share in China to local brands like Nio, XPeng, and BYD.
Read the original article on Business Insider

Source: https://www.businessinsider.com/nio-stock-price-reports-record-vehicle-sales-in-june-2021-7

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