Tesla wannabe Nio has reported its fifth consecutive month of delivery gains, which could raise its outlook with investors as the company scours for funding.

The Chinese electric-car startup sold 3,170 vehicles in December, consisting of 2,537 ES6s and 633 ES8s. The total represents a 25.4% increase of from November, when Nio delivered 2,528 cars, according to a company statement.

The company attributed its performance to product quality, expanded sales networks and a loyal user base. It also bucks general contractions in China’s overall auto market lasting almost a year and a half, as well as in new energy vehicles sales, which shrank for the fifth month in November, according to the China Association of Automobile Manufacturers.

The sales data come as a boon to cash-strapped Nio, once thought to be China’s answer to U.S.-based Tesla, as it seeks new funding to fuel growth. The company’s founder Qin Lihong had previously hinted pessimism, saying that a breakthrough in securing new investment is unlikely in the short term.

The release of the December sales data comes a week after Nio reported a narrower-than-estimated third-quarter loss. For the three months through September, the New York-listed company posted a net loss of $352.8 million, 10.3% less than in the same period in 2018. It also grew its revenue by 25% to $257 million in this period.

Contact reporter Ding Yi (yiding@caixin.com) and editor Dave Yin (davidyin@caixin.com)

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