NIO Inc ( NIO ) shares are trading higher in the premarket session on Monday.

NIO delivered 11,866 vehicles in March 2024, consisting of 6,737 premium smart electric SUVs, and 5,129 premium smart electric sedans. 

March deliveries for the Chinese EV company climbed 14.3% on a year-over-year basis.

Cumulative deliveries of NIO vehicles reached 479,647 as of March 31, 2024.

In the first quarter of 2024, NIO’s delivery reached 30,053 versus the company’s recently revised outlook of 30,000 vehicles, down from the previous outlook of 31,000 to 33,000 vehicles.

During the fourth quarter, as reported earlier last month, the company’s vehicle deliveries slumped 9.7% from the third quarter to 50,045 units. Consequently, vehicle revenue plunged 11.3% Q/Q.

Earlier in March, the company reportedly signed an agreement with battery giant CATL on a partnership to develop batteries with longer life to decline overall EV charges.

Price Action: NIO shares are trading higher by 2% at $4.59 premarket on the last check Monday.