(Yahoo Finance) – Chinese electric car maker NIO (NIO) hit all-time intraday highs on Monday after doubling its deliveries in October to a new monthly record.
NIO delivered 5,055 vehicles in October, an increase of 100% year-over-year. In 2020 deliveries jumped to 31,430 vehicles, a 111.4% spike compared to last year.
Investors have been pleased with the Chinese rival to Tesla (TSLA) which is set to report its quarterly results on November 17th. Year-to-date NIO’s American depository shares are up around 740%.
It’s not surprising to see the company’s shares spike by double-digit percentages following monthly delivery results or analyst upgrades.
In October, JPMorgan upgraded the stock to Overweight, sending the stock up 22% that day. Analyst Nick Lai admitted he missed the stock’s major rally year to date, and said, “NIO remains attractive from a long term perspective.”
In July shares surged 22% during one session after reporting a whopping 179% for its June sales.
Since the pandemic, NIO has secured funding and received cash infusions which “have largely removed any liquidity risk for the company between now and our expected break-even in 2022E,” Goldman analyst Fei Fang wrote over the summer.
Two other electric vehicle startups are also soaring on Monday.
Shares of Chinese EV startup Xpeng (XPEV), which went public over the summer, are also higher following its October delivery numbers. XPeng delivered 3,040 vehicles in October, an increase of 229% year-over-year.
American EV start-up Fisker (FSR) is also up around 16% today after gaining 13% on Friday when it debuted on the New York Stock Exchange via a special purpose acquisition company, or SPAC.