NIO Inc. (NYSE:NIO) stock is trading higher on Tuesday after the company reported a year-over-year increase in September and third-quarter delivery results.
The company reported delivering 21,181 vehicles in September 2024, reflecting a year-over-year increase of 35.4%. This total included 20,349 vehicles from its premium smart electric vehicle brand, NIO, and 832 vehicles from its family-oriented brand, ONVO. As of September 30, 2024, cumulative deliveries reached 598,875.
According to Benzinga Pro, NIO stock has lost over 23% in 2023. Investors can gain exposure to the stock via Invesco Golden Dragon China ETF (NASDAQ:PGJ).
Also Read: Chinese EV Trio Nio, XPeng, Li Auto Surge Higher In Tuesday's Premarket: What's Going On
Last month, Monolith, a provider of artificial intelligence (AI) software for cutting-edge engineering teams, had been selected by NIO to collaborate on AI-driven anomaly detection in electric vehicle batteries.
The company will implement Monolith's Anomaly Detector AI software to monitor battery performance using data collected from the field.
This information will serve as a foundation for comparing test-bench results and will be integrated into further verification efforts. With the Anomaly Detector, engineers from NIO and Monolith can identify abnormalities in cross-channel data relationships at an unprecedented speed.
"By combining our expertise in battery performance with Monolith's advanced laboratory capabilities, we're setting new standards in battery monitoring, ensuring unparalleled efficiency and reinforcing NIO's dedication to innovation and quality," said Frank Kindermann, Head of Battery System Europe at NIO.
Price Action: NIO shares are trading higher by 2.33% to $6.83 at last check Tuesday.
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