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Why NIO Shares Are Gaining Today

May 1, 2024 5:09 AM

NIO Inc. ( NIO ) shares are trading higher on Wednesday after the company’s April vehicle deliveries increased 134.6% year-over-year.

NIO delivered 15,620 vehicles in April 2024, which consists of 8,817 premium smart electric SUVs and 6,803 premium smart electric sedans.

Cumulative deliveries of NIO vehicles reached 495,267 as of April-end.

NIO delivered 45,673 vehicles year-to-date in 2024, increasing by 21.2% year-over-year

NIO unveiled its 2024 ET7, a premium smart electric executive sedan, on April 25, 2024. With an advanced digital cockpit, the ET7 is crafted to meet the needs of discerning executive users. Deliveries of the 2024 ET7 commenced on April 30.

Additionally, NIO initiated a strategic partnership with Lotus Technology, a prominent global manufacturer of luxury electric vehicles, focusing on charging and swapping solutions.

Nio, a premium EV maker in China, recently entered the low-end market with a separate sub-brand.

According to Benzinga Pro, NIO stock has gained lost 39% in the past year. Investors can gain exposure to the stock via KraneShares MSCI China Clean Technology Index ETF ( KGRN ) and Invesco Golden Dragon China ETF ( PGJ ) .

Price Action: NIO shares are trading higher by 1.48% to $4.79 premarket at last check Wednesday.

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