Nothing seems to slow down accelerating shares of Nio Inc. (NIO).
Over the last few weeks, the NIO stock jumped from $12 to $28.48 and could push even higher on upgrades, and impressive deliveries.
Citigroup analyst Jeff Chung for example just upgraded NIO’s stock to the equivalent of a buy rating, according to Barron’s, form a hold. He also increased his price target to $33.20 from $18.20. JP Morgan analyst Nick Lai, who believes electric vehicle penetration could quadruple over the next five years, called Nio a “long term winner in the premium space.”
Record deliveries are sending the stock higher, too.
In September 2020, the company said it delivered 4,708 vehicles – a growth rate of just over 133% year over year. It sold 3,210 ES6, 1,482 ES8, and 16 EC6 model vehicles. NIO delivered 12,206 vehicles in the third quarter of 2020, representing an increase of 154.3% year-over-year and exceeding the higher end of the Company’s quarterly guidance.
For August 2020, NIO completed 3,965 – a year over year increase of just over 104%. That’s also a 12.2% jump month over month. Cumulative deliveries, says the company, are up to 21,667 for the year, an increase of nearly 110% year over year, as well.
For July 2020, the company quadrupled its EV sales. In fact, sales were up 322% to 3,533 vehicles – its second best month ever.
For June 2020, the company sold 3,740 EVs for the month, up 179% year over year. “In June, we achieved a historical high of monthly deliveries, contributing to our best quarterly performance. We appreciate the continuous support from our growing and loyal user community,” William Bin Li, Nio’s chairman and CEO, said.
As of this writing, Ian Cooper did not own shares of Nio Inc.