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MarketWatch MarketPulseAug 03, 2020
Nio's stock spikes up after July deliveries data, helping lift other EV makers
Shares of Nio Inc. spiked up 14.2% in afternoon trading Monday, after the China-based electric vehicle maker and Tesla Inc. rival reported upbeat July deliveries data. Nio said it delivered 3,533 vehicles in July, up more than fourfold (up 322.1%) from a year ago, including 2,610 of its ES6 5-seater SUV and 923 6-and-7 seater ES8 SUVs. "In July, we are pleased to have achieved the second-highest monthly delivery results despite the impact on productions due to a 5-day suspension of manufacturing to prepare for EC6 productions and other flood-related supply chain challenges," said Chief Executive William Bin Li. That helped boost other EV makers, with Tesla's stock surging 3.6% and Nikola Corp. shares running up 17.1%. Nikola is scheduled to report second-quarter results after Tuesday's closing bell. Separately, Electric truck maker Lordstown Motors Co. will become public, after agreeing to be acquired by blank-check company DiamondPeak Holdings Corp. , which saw its stock soar 15.4% on the news. The rally in EV maker shares comes as the S&P 500 gained 0.8%.

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