What’s Going On With NIO Stock Following Strong Q3 Results From Top Peer XPeng?
NIO Inc. (NYSE:NIO) shares are trading higher in premarket Tuesday ahead of the company’s upcoming third-quarter financial results, set for release on Wednesday, November 20, before U.S. markets open.
Today, the company’s top peer Chinese EV maker XPeng Inc (NYSE: XPEV) reported fiscal third-quarter sales growth of 18.4% year-on-year, to 10.10 billion Chinese Yuan ($1.44 billion), topping the analyst consensus estimate of $1.38 billion. Total revenues increased 24.5% sequentially. XPeng expects fourth-quarter vehicle deliveries of 87,000–91,000, up 44.6%–51.3% year-on-year.
Meanwhile, during the COP29 conference in Baku, Azerbaijan, NIO co-founder and president Qin Lihong revealed the company’s renewed plans for global expansion, CnEV Post reports. Lihong shared that NIO aims to enter up to 25 countries or regions by the end of 2025.
While NIO had primarily focused on strengthening its presence in Europe, it now plans to accelerate its international footprint, signaling a strategic shift toward more aggressive growth following a period of consolidation in existing markets.
At the 2024 Guangzhou Auto Show on November 14, Alan Ai, president of NIO’s sub-brand Onvo, provided an update on the Onvo L60 electric vehicle.
According to Ai, more than 7,000 units of the L60 have been delivered, indicating strong demand for the model. In addition, recent reports show that NIO has shortened the delivery timeline for the Onvo L60 in China, with vehicles now arriving in just 10 to 14 weeks, down from the previous 12 to 16 weeks. This improvement reflects NIO’s efforts to scale production capacity and meet growing customer demand.
Ai also outlined ambitious delivery targets, aiming to exceed 10,000 units per month in December and surpass 20,000 units per month by March 2025. With strong orders already placed for the first quarter of 2025, the Onvo L60 is proving to be a popular model, outperforming other recently launched vehicles.
Price Action: NIO shares are trading higher by 2.78% to $4.80 premarket at last check Tuesday.
Photo by Sundry Photography on Shutterstock
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