Nio deliveries reach a quarterly record of nearly 25,800 EVs in Q1, stock surges

Shares of Nio Inc.
NIO,
-5.05%
climbed 5.6% in premarket trading Friday, as the China-based electric vehicle maker benefited from a broad rally in Chinese ADRs and after the company reported vehicle delivery data. The company said it delivered 9,985 vehicles in March, up 37.6% from the same period a year ago. The deliveries included 163 ET7s, the company’s premium smart electric sedan that started being delivered on March 28. In the first quarter, NIO deliveries grew 28.5% from a year ago to a quarterly record of 25,768 vehicles. The company said its new mid-to-large five-seater SUV, the ES7, will make its debut in May 2022. The stock has tumbled 33.6% year to date through Thursday, while the iShares MSCI China ETF
MCHI,
-3.56%
has declined 15.7% and the S&P 500
SPX,
-1.57%
has slipped 5.0%.