What happened
Shares of Chinese electric vehicle (EV) maker Nio (NYSE: NIO) were trading higher on Monday after the company said that it successfully delivered 7,931 vehicles in July despite shortages of key parts.
As of 2:48 p.m. EDT, Nio's American depositary shares were up about 3.2% from Friday's closing price.
So what
Nio's July deliveries total was more than double its year-ago result. But it was down slightly from June, when it managed to deliver just over 8,000 vehicles for the first time.
Like most automakers around the world, Nio has had to deal with production constraints amid an ongoing global shortage of automotive semiconductors. Nio reportedly faced an additional constraint in July: a shortage of shock absorbers, a result of flooding in Germany that affected a key supplier's factory.
Nio's July deliveries total lagged those of key rivals Xpeng (NYSE: XPEV) and Li Auto (NASDAQ: LI), a first for the company long seen as a leader of China's emerging EV industry. But Nio investors seemed unconcerned, bidding the company's U.S.-listed shares higher on Monday.
Now what
Auto investors can expect to hear a lot more about the status of Nio's supply lines next week: The company will report its second-quarter earnings results and hold a conference call for investors next Wednesday, Aug. 11, after the U.S. markets close.