NIO Stock News: Nio's July deliveries are down from June but up 27% YoY

UPDATE: NIO stock has advanced 4% to $20.52 on Monday morning despite delivering fewer vehicles than the prior month of June. The luxury EV maker delivered 10,052 vehicles in July, which amounted to a 27% YoY gain. The advancing share price has surprised some onlookers as the delivery number was well short of June's 12,961 figure. That amounts to a 22% decline from the previous month. June's figure may have been boosted due to the carmaker getting back on its feet after April deliveries dropped off a cliff because of a region-wide covid shutdown. Nio's July deliveries consisted of 7,579 high-end SUVs and 2,473 luxury sedans. Chinese nationwide sales of "new energy vehicles" were up in July by 103% YoY.

NYSE: NIO rose higher for the third straight day and posted a near 4.0% gain for the week after strokes extended their rally into Friday. Shares of Nio added a further 1.23% and closed the trading week at $19.73. All three major indices also rose for the third straight session and posted the best month of trading since 2020. Overall, the Dow Jones gained 315 basis points, the S&P 500 jumped by 1.42%, and the NASDAQ rose by 1.88% on the strength of big tech stocks like Amazon (NASDAQ: AMZN) and Apple (NASDAQ: AAPL).

Stay up to speed with hot stocks' news!

Nio hit another production milestone as the Chinese EV Maker produced its 500,000th drivetrain system this week. It also revealed the new electric drivetrain system that will be installed in the ET5 sedan which is set to launch later this year. It is believed that the ET5 will be going head to head with Tesla’s (NASDAQ: TSLA) Model 3 which is one of the most popular electric vehicles in the world. Nio also announced a partnership agreement with Hungary to build a battery swap station, as the company continues to expand into the European market.

NIO stock forecast

Major Chinese tech company AliBaba (NYSE: BABA) was under water on Friday after being added to the SEC’s list of companies that could potentially be delisted. The stock was also trading lower because Jack Ma announced that he is ceding control of the financial tech company Ant Group, to appease Beijing regulators. Shares of Baba were down by 11.12% during Friday’s session.