China electric-car manufacturer NIO Inc.'s American depositary shares were last at $36.10 each in Wednesday's pre-market trading on the Nasdaq thanks to news that it had increased deliveries in October to a record.
The depositary shares reached a high of $35.50 at Tuesday's close. They started the year at $3.72. That is a 9.5 times increase.
NIO rolled out 5,055 vehicles for October - or double what it sold a year ago. The company's current-year deliveries rose to 31,430 units - more than double those of 2019.
Of the cars delivered in October, 53% were five-seater sports utility vehicles, nearly 30% were six-seater and seven-seater models and 883 units were of the electric coupe.
The China carmaker's shares have been a big winner so far this year - rising from a March 23 low of $2.37 to Monday's high.
The company is set to report its latest quarterly results Nov. 17.
In October, Deutsche Bank analyst Edison Yu anticipated record orders for NIO in the third and fourth quarters of 2020. Yu attributed the increase in deliveries to the release of the coupe.
Local competitor Li Auto reported monthly orders of 3,504 vehicles in September and quarterly deliveries of 8,660 units. Lu Auto is set to report its earnings Nov. 13.
XPeng, another China competitor, reported 3,040 smart electric vehicle deliveries in October, a 229% increase year on year. Year to date, Xpeng deliveries rose 64% to 17,117 units.
JPMorgan has upgraded NIO's depositary shares to overweight - sending them 22% higher. Market strategist Nick Lai said he missed NIO's robust year-over-year climb but said the company remains "attractive from a long-term perspective."
