Chinese electric vehicle manufacturer NIO Inc (NYSE:NIO) delivered 15,620 vehicles in April, representing a 134.6% year-over-year increase.
The deliveries consisted of 8,817 premium smart electric SUVs and 6,803 premium smart electric sedans, according to a 6-K report filed with the SEC.
Following the busy month, cumulative deliveries of NIO vehicles have now exceeded 495,000.
NIO shares moved 3% higher on Thursday, bringing the stock over 23% higher across the past five trading sessions.
It offers an example of the issues facing Tesla Inc (NASDAQ:TSLA), the world’s largest EV manufacturer, in the important Chinese market.
Rapidly evolving domestic competition and subsequent pricing pressures have caused the Street to cool on Tesla stock, which is down by more than a quarter in 2024.