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Nio shares rally 16% after electric-car company's above-expectations sales

MarketWatch logo MarketWatch 7/2/2020 Claudia Assis
MARKET PULSE

American depositary shares of Nio Inc. (nio) rallied more than 16% Thursday after the Shanghai-based electric-car maker reported second-quarter and June sales above its forecast. Nio said it delivered 3,740 vehicles in June, a 179% increase year-over-year, including 2,476 of ES6s, Nio's small SUV and its most popular vehicle. The company sold 10,331 vehicles in the second quarter, an increase of 191% from the previous-year period. As of June 30, Nio has delivered a total of 46,082 vehicles, with 14,169 delivered in 2020. A close around current levels would be Nio's highest since March 2019 and a fourth straight session of gains for the ADRs.The shares have gained 130% for the year, contrasting with losses of about 3% and 9% for the S&P 500 index (spx) and the Dow Jones Industrial Average (djia) Earlier Thursday, Tesla Inc. (tsla) reported standout quarterly delivery and production numbers, mainly relying on the U.S. company's new Shanghai-based factory.

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