NIO Sport Utility Vehicle Viewed as Strong Competitor to Tesla’s Model Y

SEO

Over the last trading session, shares of NIO Inc. are up another 1% to $3.56 a share. Since October 2019, shares of NIO are up 125%, as compared to the 10% gain on the Dow Jones Industrial Average, and the 13% gain on the S&P 500.

NIO Limited designs, manufactures, and sells electric vehicles in the People’s Republic of China, Hong Kong, the United States, the United Kingdom, and Germany. The company offers five, six, and seven-seater electric SUVs. It is also involved in the provision of energy and service packages to its users; marketing, design, and technology development activities; manufacture of e-powertrains, battery packs, and components; and sales and after sales management activities.

In recent weeks, the company posted stronger than expected results that topped EPS estimates by eight cents. Sales grew 20% and were also ahead of estimates.  Helping, the company announced a new battery pack to improve the driving range of its vehicles. It also unveiled a new EV coupe SUV, the EC6, which is already being viewed as strong competition for Tesla’s Model Y due out in New Year 2020.

Despite the good news, NIO is struggling, noting, “The Company operates with continuous loss and negative equity. The Company’s cash balance is not adequate to provide the required working capital and liquidity for continuous operation in the next 12 months.”

As of this writing, Ian Cooper does not have a position in shares of Nio Inc.

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