NIO Drops 4.2% on Lower Sequential Vehicle Delivery for February

NIO Inc. (NYSE: NIO) has revealed vehicle delivery figures for February 2022. The company delivered 6,131 vehicles during the month, up 9.9% year-over-year but down 57% from the previous month. Shares of NIO declined 4.2% in Tuesday’s early trading session.

NIO designs, jointly manufactures and sells premium smart electric vehicles. The company also provides comprehensive value-added services and innovative charging solutions to its users.

Markedly, the total number of vehicles delivered included 1,084 NIO ES8s (the company’s flagship premium smart electric SUV), 3,309 NIO ES6s (five-seater high-performance premium smart electric SUV) and 1,738 NIO EC6s (five-seater premium smart electric coupe SUV).

As of February 28, 2022, cumulative deliveries of ES8, ES6 and EC6 reached 182,853 vehicles.

Further, the company revealed that during the production suspension of the NIO-JAC manufacturing plant in the Spring Festival holiday from January 31 to February 6, 2022, it has adjusted the production lines to prepare for the delivery of ET7 this month.

Moreover, NIO said that it has received approval from the Stock Exchange of Hong Kong Limited (SHEK) for the secondary listing of its Class A ordinary shares. The trading is expected to commence on March 10.

Stock Rating

On February 28, BofA Securities analyst Ming Hsun Lee reiterated a Buy rating on NIO with a price target of $30 (upside potential of 31.4% from current levels).

Overall, the Street has a bullish outlook on the stock with a Strong Buy consensus rating based on 9 Buys and 2 Holds. The NIO stock price prediction of $51.52 implies upside potential of about 125.6% from current levels.

Website Traffic

TipRanks’ Website Traffic tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into NIO’s performance.

According to the tool, so far in 2022, the NIO website recorded a 67.2% monthly decrease in global visits against the same period last year. Likewise, in the October-January period, the website traffic declined 19.7% against the same period last year.

Download the TipRanks mobile app now 

To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. 

Read full Disclaimer & Disclosure

Related News: 
Ambarella Declines 17% Despite Better-Than-Expected Q4 Results
Merck’s KEYTRUDA-LENVIMA Combo Bags Second Approval in Japan
Chevron Enters All-Cash Deal to Acquire Renewable Energy Group