The Tesla of China surges after deliveries beat (NIO)

The Tesla of China surges after deliveries beat (NIO)
Ng Han Guan/AP

Nio, commonly referred to as the Tesla of China, surged Monday after the company said its quarterly deliveries topped its own target by 9%.

Nio says it has sold 3,350 ES8s —its first volume-manufactured vehicle — and plans to launch its second vehicle, the ES6, in June or July of 2019.

Nio went public on the New York Stock Exchange in September.

Watch Nio trade in real time here.

Shares of Nio, widely referred to as the Tesla of China and backed by tech giant Tencent, jumped more than 4% ahead of Monday's opening bell after the company's deliveries topped for the third quarter its own target.
The four-year-old electric-car startup announced Monday that it delivered 3,268 ES8s — its first volume-manufactured vehicle — in the third quarter, exceeding its own target of 2,900 to 3,000 vehicles by 9%.
"While the planned production transition will slow our deliveries for October, it paves the way for accelerated production ramp in the future and we remain on track to achieve our delivery goal of 10,000 ES8s for the second half of 2018," CFO Louis Hsieh said in the press release.
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