NIO Stock Price Up 2,045% Since March Bottom. What’s Next?

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Nio Inc. (NIO) continues to accelerate on the electric vehicle (EV) boom.

Since bottoming out at $2.23 in March 2020, NIO skyrocketed to $51.02 as of the time of this writing – and it appears nothing can slow it down. Helping quite a bit, J.P. Morgan upgraded the NIO stock to a buy from a hold, increasing their target to $40 a share, which it proceeded to go right through.

The firm believes China’s EV penetration could quadruple by 2025, “meaning that about 20% of all new cars sold in China would be battery powered,” as noted by Barron’s.

Earnings are just as impressive.

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NIO’s adjusted loss came in at 12 cents, as compared to expectations for 18 cents. Revenue of $666.6 million beat $663.29 million. Gross margins came in at 12.9% as compared to expectations for 11.25%. Better, with Q4 2020 guidance, the company expects to deliver between 16,500 and 17,000 vehicles.

“We’re very happy with both the delivery results as well as our financial revenue growth, but more importantly this quarter we also achieved our first ever positive gross margin for the company so I think all very exciting,“ Xpeng Vice Chairman and President Brian Gu said, as quoted by Yahoo Finance.

The EV Boom is Just Beginning to Accelerate

For one, according to the Boston Consulting Group, by 2025, EVs could account for a third of all auto sales. Two, governments all over the world are pushing for a greener, EV future.

In the U.S., California Gov. Gavin Newsom just signed an executive order that will ban the sale of gas-powered passenger cars in the state starting in 2035. In China, according to a McKinsey report, the country’s EV market share is expected to grow 11 to 14% by 2022.

In Europe, “Automakers need to sell more electric vehicles after EU lawmakers in December 2018 ordered them to cut CO2 emissions by 40 percent between 2007 and 2021, and then by a further of 38 percent by 2030, or face fines.”

Ian Cooper’s Personal Position in NIO: None

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