The Tesla of China surges after deliveries beat (NIO) – Markets Insider

What happened: Nio, also known as the Tesla of China, announced that it has delivered 3,268 ES8 vehicles in the third quarter, exceeding its own target of 2,900 to 3,000 vehicles. The Tencent-backed EV maker’s shares jumped as much as 8% on Monday.

Despite the production line being shut down for 10 days for routine maintenance, the company ensured that is still on track to hit the target of delivering 10,000 vehicles for the second half of 2018.

Why it’s important: In September, Nio became the first Chinese-backed EV startup to go public in the US. Although there are plenty of other EV makers, like Faraday Future and Byton, who wish to emulate Tesla’s success, Nio is one of the few that has delivered vehicles to customers. The company said it plans to launch its second vehicle, the 5-seater SUV ES6, in June or July 2019.

Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.

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