Nio Ltd. said that it shipped 3,965 vehicles last month, reflecting a 104.1% year-over-year increase. Between January and August this year, car deliveries soared 109.9% to 21,667 vehicles on a year-on-year basis.
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Nio (NIO) CEO William Bin said, “In August, we achieved our best-ever monthly performance on both deliveries and order growth.” He further stated, “As we continue to improve the production capacity for all Nio products, our monthly capacity will reach 5,000 units in September to support our future deliveries.”
On August 26, Citigroup analyst Jeff Chung lifted the stock’s price target to $18.10 (9% downside potential) from $16, but reiterated a Hold rating. Following a call with management, Chung stated that Nio’s battery as a service model and production ramp up indicates higher volume growth. He also raised the sales volume growth projections for the next three years. (See NIO stock analysis on TipRanks).
With shares up 395% year-to-date, the Street has a cautious outlook on the stock. The Hold analyst consensus is based on 3 Holds, 3 Buys, and 2 Sells. The average price target of $13.83 implies downside potential of about 31% to current levels.
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