Shares of NIO Inc. (NIO) gained 4% in Wednesday’s early trading session after the company announced that it achieved new record-high monthly deliveries in November 2021. NIO delivered 10,878 vehicles during the month, marking a year-over-year jump of 105.6%.
China-based NIO designs, jointly manufactures, and sells smart and connected premium electric vehicles. The company also provides comprehensive value-added services and innovative charging solutions to its users. (See NIO stock chart on TipRanks)
Markedly, the total number of vehicles delivered included 2,683 NIO ES8s (the company’s flagship premium smart electric SUV), 4,713 NIO ES6s (five-seater high-performance premium smart electric SUV) and 3,482 NIO EC6s (five-seater premium smart electric coupe SUV).
So far this year, the company has delivered a total of 80,940 vehicles, up 120.4% year-over-year. At the end of November, the total number of vehicles delivered by the company stood at 156,581.
Last week, Mizuho Securities analyst Vijay Rakesh maintained a Buy rating on the stock with a price target of $65 (66.1% upside potential).
Rakesh noted, “We see NIO positioned well to continue growth with premium branding, EV penetration accelerating in China, Europe expansion underway, and mass market entry potentially in 2022-23.”
Overall, the Street is bullish on the stock and has a Strong Buy consensus rating based on 7 Buys and 1 Hold. The average NIO price target of $60 implies upside potential of about 54.3%.
According to the tool, compared to the previous year, the website of NIO recorded a 3.9% monthly decrease in global unique visits in October. Meanwhile, the website traffic has increased 169.2% year-to-date against the same period last year.