Shares of Nio soar more than 20% as EV deliveries more than double in April

Shares of Chinese electric vehicle (EV) manufacturer Nio Inc surged by 20% after reporting a 134.6% increase in vehicle deliveries for April, totaling 15,620 vehicles. This spike also lifted the Hang Seng index by 2%. Nio's growth is part of a broader trend among Chinese EV makers, although Li Auto reported a decrease in deliveries.

In the competitive Chinese EV market, price wars intensify as companies, including new entrant Xiaomi, vie to undercut Tesla's pricing. Amidst these dynamics, Nio is also expanding its battery swap initiatives to enhance its infrastructure offerings, aiming to alleviate consumer range anxiety.