NIO shares surge after record-high deliveries in September

NIO (NYSE:NIO) shares rose around 4% after announcing record-breaking vehicle deliveries for September and the third quarter of 2024.

In September 2024, the electric vehicle maker delivered 21,181 vehicles, marking a 35.4% Y/Y increase and a 5.0% M/M improvement. This included 20,349 vehicles from NIO’s premium brand and 832 vehicles from its family-oriented brand, ONVO.

NIO also achieved a new quarterly record in Q3 2024, with 61,855 vehicles delivered, representing an 11.6% Y/Y growth.

By the end of September 2024, the company’s cumulative vehicle deliveries reached 598,875.

The ONVO brand hit a milestone with the launch of its first model, the L60, a mid-size family smart electric SUV, on September 19, 2024.

Deliveries of the L60 began in late September, showcasing NIO’s advanced technology and user-focused features designed to enhance family experiences.

Meanwhile, Li Auto (LI) reported a 48.9% Y/Y in September 2024 vehicle deliveries, reaching 53,709 units, while XPeng (XPEV) achieved a record 21,352 Smart EV deliveries for the month +39.5% Y/Y, reflecting the competitive growth in the new energy vehicle market among leading brands.