Nio's stock surges as May deliveries set monthly record

By Tomi Kilgore

BYD sees new-energy vehicle deliveries jump 38% in May, Li and XPeng also see May deliveries rise

Nio's stock charged higher Monday after the China-based electric-vehicle maker reported a new monthly record for vehicle deliveries. The company has reported delivery increases for three straight months.

Shares of other China-based EV makers also rallied after reporting year-over-year increases in May deliveries.

Nio's stock (NIO) rose 2.2% in premarket trading. The stock closed Friday at $5.39, or 41.8% above the four-year closing low of $3.80 on April 19.

Nio said over the weekend that it delivered 20,544 vehicles in May, up 233.8% from what it delivered in May 2023. The deliveries included 12,164 electric sport-utility vehicles and 8,380 electric sedans.

The company has delivered 66,217 EVs so far in 2024, up 51% from the same period a year ago.

Read: Nio's deliveries data for April and for March.

Separately, Shenzhen-based BYD Co. Ltd. (BYDDY) (HK:1211) said it delivered 331,817 new-energy vehicles in May, up 38.1% from last year.

That included a 22.4% increase in battery-electric vehicle deliveries to 146,395, a 54.1% jump in plug-in hybrid vehicle deliveries to 184,093; and a 17.8% rise in commercial vehicle deliveries.

Of the total, 37,499 new passenger vehicles were sold outside China, or 267.5% more than a year ago.

BYD's U.S.-listed shares climbed 4.4% in Monday's premarket, after the Hong Kong-listed stock rallied 5%.

Elsewhere, shares of Li Auto Inc. (LI) climbed 4.3% ahead of Monday's open, after the Beijing-based EV maker said May deliveries rose 23.8% from last year to 35,020 EVs.

And Guangzhou-based Xpeng Inc.'s stock (XPEV) rose 1.4% premarket after the company said it delivered 10,146 EVs in May, up 35.2% from last year.

Tesla Inc.'s stock (TSLA) tacked on 0.3% in the premarket. The Texas-based EV giant generated $4.59 billion in revenue from China during the first quarter, or 21.6% of total revenue.

-Tomi Kilgore

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06-03-24 0827ET

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