NIO Inc ( NIO ) shares are moving higher. The China-based EV maker on Tuesday provided a deliveries update for March and the first quarter.

What Happened: Nio announced it delivered 15,039 vehicles in March, up 26.7% year-over-year. Total March deliveries consisted of 10,219 vehicles from the company’s premium Nio brand and 4,820 vehicles from the company’s ONVO brand.

Nio reported total first-quarter deliveries of 42,094, representing an increase of 40.1% on a year-over-year basis. The company noted that cumulative deliveries climbed to 713,658 as of March 31.

“We started deliveries of the NIO ET9, our smart electric executive flagship, in late March 2025. As the epitome of NIO’s full-stack technologies and industry-leading innovations, the ET9 sets a new benchmark for executive smart electric vehicles,” the company said.

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Nio reported fourth-quarter financial results about two weeks ago that fell short of analyst expectations. The company said it delivered 72,689 vehicles in the fourth quarter and guided for first-quarter deliveries of 41,000 to 43,000.

“Looking ahead to 2025, we will sharpen our focus on enhancing profitability by driving cost reductions through technological advancements, optimizing operational efficiency and accelerating scalable growth,” the company said.

Following the company’s quarterly results, Mizuho analyst Vijay Rakesh maintained Nio with a Neutral rating and lowered the price target from $5 to $4.20. Citigroup also maintained a Buy and lowered the price target from $8.90 to $8.10.

NIO Price Action: Nio shares were up 2.76% at $3.91 at the time of publication Tuesday, according to Benzinga Pro.