Nio shares up 7% as May deliveries jump 62% to 37,705

Shares of Chinese electric vehicle maker Nio rose sharply in U.S. trading on Monday after the company reported a significant jump in vehicle deliveries for May. The company delivered 37,705 vehicles last month, a 62.3% increase compared to May of the previous year.

The May results represent a 28.4% increase over the 29,356 vehicles delivered in April. For the first five months of the year, Nio has delivered 150,526 vehicles, a 68.7% year-over-year rise. The company's cumulative deliveries since its founding have now surpassed 1.1 million vehicles.

The strong performance was driven by Nio's expanded three-brand strategy. Deliveries in May consisted of 20,013 vehicles from the premium Nio brand, 12,029 from the mainstream-focused Onvo brand, and 5,663 from the compact Firefly brand. Company officials attributed the surge to new product launches, including the Onvo L80 SUV, which began deliveries in mid-May, and the flagship ES9 executive SUV, which launched on May 27.

The delivery figures place Nio in a favorable position to meet its second-quarter guidance. Company CEO William Li has projected deliveries for the quarter to be between 110,000 and 115,000 vehicles, representing...