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Shares of Nio Inc - ADR ADR Class A (NYSE: NIO) were advancing Tuesday after the Chinese electric vehicle manufacturer released March delivery figures.
Nio said it delivered 1,533 vehicles in March, up about 116.8% from February. The March numbers comprise 1,479 ES6s and 54 ES8s.
The company attributed the strong month-over-month gains to recovering production capacity.
First-quarter deliveries came in at 3,838 vehicles, 9.7% more than the midpoint of the guidance.
In its fourth-quarter earnings release, the company guided to deliveries of 3,400 to 3,600 vehicles in the first quarter.
This compares to deliveries of 8,224 in fourth quarter of 2019.
As of March 31, 2020, cumulative deliveries of ES8s and ES6s totaled 35,751.
"In parallel with our continued online sales efforts, our in-store visits have also witnessed a gradual pickup. With the continuous support from our loyal user community, we have seen increasing order backlog since February," CEO William Li said in a statement.
Nio said it plans to commence deliveries of the all-new ES8 with more than 180 improvements in April.
The company also said it remains committed to rolling out NIO Spaces and integrating online and offline sales channels to further boost order growth.
The EV maker has also embarked on measures to contain costs in a bid to boost the bottom line. Recently, the company announced reorganization at its electric power engineering department.
In premarket trading Tuesday, Nio shares were jumping 11.34% to $2.75.
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Photo courtesy of Nio.
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