Shares of Chinese EV maker NIO (NYSE:NIO) continue to pop up on investors’ radars. The stock has corrected nearly 39% over the past six months and short interest still remains elevated at about 7.1% at present.
Nonetheless, analysts remain cautiously optimistic about NIO with a Moderate Buy consensus rating alongside an average price target of $14.73. This points to a hefty 63.5% potential upside in the stock.
The company delivered 31.041 vehicles in the first quarter of this year, clocking a 20.5% year-over-year growth. Moreover, it is also working on expanding its vehicle charging infrastructure. Recently, NIO began setting up third-generation power swap stations in China.
The company already has nearly 1,300 power swap stations and plans to add 1,000 stations this year alone. The company continues to bet big on battery swapping and as the EV space heats up, if the strategy pays off remains to be seen.
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