Chinese EV startups Nio, Li Auto soar due to increase in car deliveries

Chinese electric vehicle startups Nio Inc (NYSE: NIO) and Li Auto Inc (NASDAQ: LI) soared in the US on Monday as they posted rise in car deliveries.

In July, Nio’s car deliveries rose 26.7% year-on-year as it delivered 10,052 vehicles while Li Auto delivered 10,422 of its Li ONE sports utility vehicle, up 21.3% year-over-year.

Shares of Nio and Li Auto soared 2% on Monday.

Rival of the EV startups, Xpeng reported the highest increase in deliveries as it posted 40% year-on-year surge in July. Xpeng delivered 11,524 vehicles in the month.