Nio shares increased 16% after better-than-expected sales

American depository shares of Nio Inc increased more than 16% Thursday after the electric automaker reported second-quarter and June sales above its forecast.

Nio said it delivered 3,740 vehicles in June, indicating a 179% increase year-over-year, including 2,476 of ES6s, Nio’s small SUV, and its most popular vehicle.

The automaker sold 10,331 vehicles in the second quarter, a boost of 191% from the previous-year period. As of June 30, Nio has delivered about 46,082 vehicles, with 14,169 delivered in 2020.

A close around current levels would be the automaker’s highest since March 2019 and a fourth straight session of gains for the ADRs.

American electric automaker Tesla also reported gains this month, when it becoming the most valuable automaker of the world after its market cap increased to $209.47 billion.