Nio Inc. reported over the weekend April deliveries that more than doubled from a year ago, but growth slowed from the near-fivefold jump to a record in March.
The China-based electric vehicle maker said on Saturday that it delivered 7,102 vehicles in April, up 125.1% from the same period last year. The deliveries consisted of 1,523 ES8s, the six- and seven seater premium SUV, 3,163 ES6s, the five-seater SUV, and 2,416 EC6s, the five-seater coupe SUV.
For March, Nio had reported deliveries growth of 373%, to a monthly record of 7,257 vehicles, which boosted first-quarter delivery growth to a quarterly record of 423%.
Last week, Nio reported first-quarter results that beat expectations, but renewed concerns about its supply chain and a shortage of semiconductors that has hindered the auto industry.
On Monday, Mizuho analyst Vijay Rakesh reiterated his buy rating on Nio but raised his stock price target to $65 from $60, saying the company is expected to be “a significant beneficiary” from the planned NeoPark industrial complex.
Among other China-based EV makers, Xpeng Inc.
And Li Auto Inc.
Shares of XPeng dropped 2.7% in afternoon trading, and Li Auto’s stock declined 1.2%.
Year to date, shares of Nio have dropped 18.8%, XPeng have slid 32.1% and Li Auto have dropped 32.4%, while rival Tesla Inc.’s stock