Nio’s stock jumps on heavy volume after deliveries data beats expectations

Shares of Nio Inc. surged in very active trading Wednesday, putting them on track to match their record win streak, after the China-based electric car maker reported second-quarter deliveries that were well above expectations.

The company said ahead of the open that it delivered 1,340 vehicles in June, to lift the second-quarter total to 3,553 vehicles.

Last month, when Nio reported May deliveries of 1,089 vehicles, down from 1,124 deliveries in April, Chief Executive William Li had said he expected second-quarter deliveries to be “near the top of, or to exceed” the previous guidance range of 2,800 to 3,200 deliveries.

Don’t miss: Nio’s stock keeps rising to its best-ever 6-day run.

Nio NIO, +3.52%  said deliveries of the ES6, the new 5-seater high-performance sport utility vehicle (SUV), began on June 18 to external users, and totaled 413 for the quarter.

Since Nio’s flagship ES8 SUV started deliveries a year ago, a total of 18,890 ES8 and ES6 vehicles have been delivered as of June 30, 2019.

The stock shot up 5.7% in morning trading, which puts it on track for a seventh-straight gain. Trading volume swelled to over 22.3 million shares, enough to make the stock the most actively traded on major U.S. exchanges, according to FactSet.

A positive close Wednesday would match the record 7-day winning streak that ended Feb. 1, in which the stock rose 20.6%.

The stock has now rocketed 52.9% during the current win streak, the best seven-day performance since it went public on Sept. 12, 2018.

Despite the recent rally, Nio shares have tumbled 38.8% year to date, while U.S.-based rival Tesla Inc.’s stock TSLA, +2.00%  has dropped 29.1%, the iShares MSCI China exchange-traded fund MCHI, +0.78%  has advanced 12.9% and the S&P 500 index SPX, +0.61%  has climbed 19.7%.

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