NIO Stock Price Continues to Rise on 133% Reported YoY Growth Rate for September

Nio (NIO) has become one of the hottest electric vehicle (EV) stocks on market.

Since bottoming out in May 2020 around $3.18, the stock has exploded to $21.18. From here,

stock could see higher highs after reporting another record month of deliveries.

In September 2020, the company said it delivered 4,708 vehicles – a growth rate of just over 133% year over year. It sold 3,210 ES6, 1,482 ES8, and 16 EC6 model vehicles. NIO delivered 12,206 vehicles in the third quarter of 2020, representing an increase of 154.3% year-over-year and exceeding the higher end of the Company’s quarterly guidance.

As of September 30, 2020, cumulative deliveries of the ES8, ES6 and EC6 reached 58,288 vehicles, of which 26,375 were delivered in 2020, according to the company.

For August 2020, NIO completed 3,965 – a year over year increase of just over 104%. That’s also a 12.2% jump month over month. Cumulative deliveries, says the company, are up to 21,667 for the year, an increase of nearly 110% year over year, as well.

For July 2020, the company quadrupled its EV sales. In fact, sales were up 322% to 3,533 vehicles – its second best month ever.

For June 2020, the company sold 3,740 EVs for the month, up 179% year over year. “In June, we achieved a historical high of monthly deliveries, contributing to our best quarterly performance. We appreciate the continuous support from our growing and loyal user community,” William Bin Li, Nio’s chairman and CEO, said.

Electric Vehicle Demand Likely to Accelerate

Nio is benefiting from incredible global EV demand.

Helping, according to the Boston Consulting Group, by 2025, EVs could account for a third of all auto sales. By 2030, EVs could surpass internal combustion engine vehicles with a market share of 51%. Part of the reason for that are governments all over the world.

In the U.S., California Gov. Gavin Newsom just signed an executive order that will ban the sale of gas-powered passenger cars in the state starting in 2035.

In Europe, “Automakers need to sell more electric vehicles after EU lawmakers in December 2018 ordered them to cut CO2 emissions by 40 percent between 2007 and 2021, and then by a further of 38 percent by 2030, or face fines.”

As of this writing, Ian Cooper did not own shares of Nio Inc.