What's Going On With Nio Stock Monday?

Nio Inc – ADR (NYSE:NIO) stock is trading marginally higher Monday afternoon after the company reported its strongest delivery month on record for October. Here’s what investors need to know.

• Nio is building positive momentum. Get the complete analysis here.

What To Know: The Chinese EV maker announced it delivered 40,397 vehicles in October, a significant 92.6% increase year-over-year. This surge was bolstered by the company’s multi-brand strategy.

Deliveries consisted of 17,143 vehicles from its premium NIO brand, 17,342 from the family-oriented ONVO brand, and 5,912 from its small high-end FIREFLY brand.

Nio highlighted the strong momentum of its ONVO L90 SUV, which achieved monthly deliveries exceeding 10,000 units for the third consecutive month since its launch.

Year-to-date, Nio has delivered 241,618 vehicles, marking a 41.9% increase compared to the same period last year. The company’s cumulative deliveries reached 913,182 vehicles as of Oct. 31.

Benzinga Edge Rankings: According to Benzinga Edge stock rankings, the stock boasts a strong Momentum score of 87.46.

NIO Price Action: Nio shares were up 2.98% at $7.46 at the time of publication on Monday, according to Benzinga Pro data.

Read Also: Rivian Q3 Preview: Deliveries Up 32%, Attention Turns To R2, What Happens After Tax Credit Expiration

How To Buy NIO Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in NIO’s case, it is in the Consumer Discretionary sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

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