Why Nio Stock Is Rising Today

NIO Inc NIO shares are trading higher Monday after the company provided a delivery update for July.

Nio said it delivered 10,052 vehicles last month, representing an increase of 26.7% year-over-year. The deliveries consisted of 7,579 SUVs and 2,473 sedans. Nio has now delivered 60,879 vehicles year-to-date, bringing cumulative deliveries up to 227,949.

Nio said ET7 and EC6 production in July was constrained by supply issues related to casting parts. The EV company expects vehicle production to accelerate in the coming months. 

Nio also said its 1,000th power swap station was put into service last month. At the end of July, Nio had deployed 1,047 power swap stations in China through which over 10 million battery swaps had been completed cumulatively.

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NIO Price Action: Nio has traded between $33.80 and $11.67 over a 52-week period.

The stock was up 2.99% at $20.32 at press time, according to data from Benzinga Pro.

Photo: courtesy of Nio.