Chinese electric car maker Nio Inc. reported a narrower third-quarter loss than analysts estimated, sending the company’s New York-listed stock soaring Monday.

The Shanghai-based company posted a net loss of $352.8 million for the three months ended Sept. 30, a 10.3% improvement from the same period in 2018. Total revenue increased 25% year-on-year to $257 million, boosted by strong growth in deliveries of vehicles.

The shares soared 54% to $3.72, still well below the 52-week high of $10.64.

Excluding share-based compensation expenses and other items, the company posted an adjusted net loss per share of 33 cents, better than Wall Street’s estimate of a loss of 34 cents a share.

The company delivered 4,799 vehicles in the third quarter, up 35% from the second quarter.

Nio expects to deliver more than 8,000 vehicles in the fourth quarter, making total deliveries more than 20,300 for 2019, said William Bin Li, founder, chairman and chief executive officer of Nio, in a statement

The electric vehicle sector experienced substantial softness in the second half of 2019 after the reduction of subsidies in China, but Nio believes growth by the smart premium electric vehicle sector will outperform the industry, Li said.

The company on Saturday unveiled its new coupe SUV, the EC6, as the cash-strapped company struggles to find new investment.

As of the end of September, Nio had $274.3 million of cash and cash equivalents. The company said earlier this year that it was close to securing new funding, but no deal has so far materialized. The company laid off more than 3,000 employees in 2019 in a bid to balance the books.

Contact reporter Denise Jia (huijuanjia@caixin.com)