American depositary receipts (ADRs) of Nio ( NIO ) advanced Thursday as the Chinese electric vehicle (EV) maker reduced its losses and gave strong guidance as it set a record for deliveries.

Nio posted a second-quarter loss of 5.05 billion yuan ($694.4 million), 16.7% smaller than a year ago. Loss per share of 2.50 yuan was less than expected. Revenue soared 98.9% to 17.45 billion yuan, in line with forecasts.

Vehicle deliveries jumped 143.9% to 57,373, vehicle sales surged 118.2% to 15.68 billion yuan, and vehicle margin nearly doubled to 12.2%.

Nio Sees Q3 Deliveries Setting Another All-Time High

Founder and Chief Executive Officer (CEO) William Bin Li said Nio now has more than 40% of the market share in the battery electric vehicle (BEV) segment priced above 300,000 yuan ($42,327) in China, and it expects total delivery volume in the current quarter to set another all-time high, “further solidifying and expanding market share.”

Li noted that already Nio delivered more than 20,000 EVs in both July and August, and the company is anticipating a third-quarter total of between 61,000 and 63,000 units. In addition, Nio sees revenue in a range of 19.11 billion yuan and 19.67 billion yuan, better than analysts’ estimates.

Nio ADRs rose 6% to $4.50 soon after the opening bell Thursday but are down about 50% year-to-date.