Nio (NIO) is gaining traction again.

Weeks ago, NIO reported April 2021 deliveries of 7,012 units, which represents 125.1% year over year growth. In addition, NIO reported first quarter revenue of $1.22 billion, which was up 481.8% year over year, and 20.2% quarter over quarter.

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“Our users and the efforts of our teams in 2020 have made it possible for NIO to be operationally consistent with supporting our accelerated development. 2021 is crucial for NIO. Our power, sales, and service networks will grow. NIO’s brand awareness, superior NIO user experience, and important investments in research and development of new products and technologies will further establish NIO’s foundation and future development,” said William Bin Li, founder, chairman, and chief executive officer of NIO.

Then, just this morning, the company announced a deal to double its production to 20,000 per month. Under a new deal with Jianghuai Automobile Group (JAC), the JAC factory will continue to build Nio autos for another three years. It also agreed to increase the manufacturing capacity of the factory to 240,000 NIO vehicles a year.

Electric Vehicle Sales Aren’t Slowing Down

We also have to remember that electric vehicle sales aren’t likely to slow – especially with countries all over the world looking to reduce emissions.

The U.S. just pledged to reduce emissions by up to 52% over the next several years. Europe wants to cut CO2 emissions by up to 55% by 2030. China says it’ll stop releasing CO2 in the next 40 years. In doing so, global leaders want millions of electric vehicles on the roads.

In fact, by 2030, according to the International Energy Agency (IEA), the world could see up to 145 million EVs on roads all around the world. In addition, “A new report by Cairn Energy Research Advisors, a research firm focused on the battery and EV industries, predicts a surge in electric vehicle sales in 2021 as countries around the world push new programs to encourage consumers to buy battery powered vehicles. Cairn estimates global sales of EVs in 2021 will jump 36% and top 3 million vehicles for the first time ever.”

In short, Nio has plenty of strong catalysts for upside moving forward.

At the time of this writing, Ian Cooper did not hold a position in the Nio stock.