Nio Reports 154.3% Increase In Q3 Deliveries

Chinese electric vehicle maker Nio Inc. (NYSE: NIO) on Friday said September was a record month for deliveries.What Happened: The Shanghai-based company reported delivering 4,708 units in the month, a growth of 133.2% year-over-year.Nio said it sold 3,210 ES6, 1,482 ES8, and 16 EC6 model vehicles.Overall, deliveries increased 154.3% in the quarter ending Sept. 30 over the similar quarter previous year at 12,206, exceeding the company's previously-shared guidance.The company said this brought its total combined sale of the three models to-date at 58,288, including 26,375 this year alone.Why It Matters: Deutsche Bank Securities analyst Edison Yu earlier this week said he expected Nio to post record deliveries in the third and fourth quarters this year, especially on the back of the EC6 sports utility vehicle.Nio began deliveries for the EC6 SUV in late September.Local rival Li Auto Inc. (NASDAQ: LI) reported 3,504 electric vehicle deliveries in September on Friday, as well. Overall, the number increased 31.31% quarter-over-quarter at 8,660.Facing intense local competition, Tesla Inc. (NASDAQ: TSLA) this week slashed prices of its standard and long-range Shanghai-made Model 3 electric vehicles.Price Action: Nio shares traded 2.4% lower at $21.24 in the pre-market session Friday.See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Tesla's China-Made Electric Vehicle Registrations Plunged 24% In July(C) 2020 Benzinga does not provide investment advice. All rights reserved.