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NIO Shares Jump on Potential Record Sales in May

Dow Jones05-31

By Jiahui Huang

NIO's shares rose sharply in Hong Kong on expectations the Chinese electric-vehicle maker's deliveries would likely hit a record high in May.

Shares of the Shanghai-based company rose 10% to 42.10 Hong Kong dollars (US$5.38).

Analysts said NIO could deliver more than 20,000 vehicle units in May. The company previously hit a monthly sales record of 20,462 units in July last year.

The strong sales could be due to continued discounts on car prices and batteries, BOCOM International auto analyst Angus Chan said.

The company slashed monthly fees for its BaaS battery-rental services in March, which boosted orders.

NIO's April deliveries more than doubled to 15,620 units from a year earlier, its fastest growth since October 2022. It has set an annual sales target of between 180,000 units and 200,000 units for 2024.

The EV sector is broadly higher in Hong Kong in early trade. XPeng rose 4.7% and Li Auto was up 3.3%.

China has been stepping up efforts to boost EVs, with the state council unveiling a decarbonization action plan that would gradually remove curbs on purchases of new-energy cars.

Write to Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

May 30, 2024 23:06 ET (03:06 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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