NIO, other China-based EV maker stocks surge after July deliveries jump

The U.S.-listed shares of NIO Inc.
NIO,
+1.23%
rallied 4.2% in premarket trading Monday, after the China-based electric vehicle maker reported deliveries rose in July from a year ago to mark a third-straight monthly increase. The company said July deliveries increased 26.7% to 10,052 vehicles. That comes after a 60.3% increase in July and a 4.7% rise in May, which followed a 28.6% drop in April due to COVID-related shutdowns. In July, NIO said its deliveries included 7,579 premium sport-utility vehicles (SUVs) and 2,473 premium sedans. Also on Monday, fellow China-based EV makers XPeng Inc.
XPEV,
+0.66%
reported a 43% jump in July deliveries to 11,524 vehicles, to send the stock up 3.9% premarket, and shares of Li Auto Inc.
LI,
-0.27%
climbed 4.2% after the company reported July deliveries that grew 21.3% to 10,422 vehicles. Over the past three months, NIO’s stock has hiked up 18.1%, XPeng shares have slipped 0.7% and Li Auto’s stock has soared 46.4%, while the S&P 500
SPX,
+1.42%
has inched lower by less than 0.1%.