Shares of Chinese electric car manufacturer Nio Inc. (NIO), which has risen by almost 730 percent since the beginning of the year, rose 9 percent on Monday amid record delivery news.

As a result of the recent share leap, NIO’s market cap reached almost $47.5 billion, compared to $30.8 billion for larger and more conventional automakers, Ford Motor (F) and $50 billion for General Motors (GM). However, the current market capitalization of Tesla (TSLA), the leading producer of electric cars, is over $400 billion.

NIO announced that the number of deliveries of its electric vehicles amounted to 5,055 units in October 2020-more than double the number of units delivered compared to the previous year. Of the 5,055 units produced, 53% were in the number of 2,695 units for the ES6 five-seater SUV, 29% were in the total number of 1,477 units for the 6-seater and 7-seater ES8 models, and 883 units for the premium EC6 SUVs. In December 2019, the EC6 SUV was revealed and its deliveries began in September 2020.

Earlier in September, Nio’s shipments increased to 4,708 units by 133 percent and growth was 154 percent for the entire third quarter with 12,206 units.

NIO announced that, between the beginning of the year and the end of October, it delivered 31,430 units of its electric vehicles and expects overall sales to rise by 111.4 percent in 2020 compared to 2019.

Strong performance from other Chinese electric car manufacturers followed the news of NIO ‘s record deliveries, as car sales in China continue to recover.

In 2025, the Chinese government needs cars with renewable energy to account for at least 15 percent of the market.

In October, two Chinese electric car startups Xpeng (XPEV) and Li Auto (LI) announced a sales increase, and in recent months, BYD has also boosted sales in China.

Nio expects November 17 to report its financial results for the third quarter of 2020.

Nio beat Wall Street forecasts for revenue growth of 147 percent to $526.4 million in its second-quarter report, and reported a positive gross margin of 8.4 percent for the first time.

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