Chinese EV maker Nio shares increased by 23.95% to $11.62 in early trading on Monday after the company reported last week that it delivered 10,331 vehicles in the second quarter, exceeding its previous expectations.

Nio delivered 3,740 units in June, an increase of 179 percent from the previous year.

Nio delivers 10,331 vehicles in the second quarter, the first time it has delivered more than 10,000 vehicles in a single quarter.

Nio delivered 3,155 units in April and 3,436 units in May.

As of June 2020, Nio has delivered a total of 46,082 Nio branded units.

By model, the Nio ES8 delivered 1,264 units during the month, up 68.3% from the previous month.

Since deliveries started in June 2018, 22,938 ES8 units have been delivered.

The Nio ES6 delivered 2,476 units this month and since deliveries started in June 2019, a total of 23,144 units have been delivered.