Chinese premium smart electric vehicle manufacturer NIO Inc (NIO) has announced vehicle delivery figures for the month of June and Q2. The company delivered 8,083 vehicles in June, a year-over-year-jump of 116.1%.
For Q2, the company delivered a total of 21,896 vehicles, a 111.9% increase over Q2 2020. At the end of June, the total number of vehicles delivered by the company so far stood at 117,597. (See NIO stock chart on TipRanks)
NIO’s models on the market include the ES8, ES6, and EC6. While the first two are smart electric SUVs, the third is a smart electric coupe SUV. For June, deliveries of the three models stood at 1,498, 3,755, and 2,830, respectively.
On June 29, Citigroup analyst Jeff Chung reiterated a Buy rating on the stock and increased the price target to $72 (35.3% upside potential) from $58.30.
Chung expects a sequential increase in NIO’s vehicle deliveries in Q3 and Q4. Furthermore, the analyst has also increased his delivery estimates until 2023. For 2021, Chung sees NIO delivering 93,000 vehicles versus his previous estimate of 90,000.
Based on 8 unanimous Buys, consensus on the Street is a Strong Buy. The average NIO price target of $63.63 implies 19.6% upside potential. Shares are up 572.6% over the past year.
Related News:
Repay Joins Hands with Premier to Provide Accounts Payable Solutions to Healthcare Providers
Walmart Launches Its Own Insulin Brand
Valley National Bancorp Snaps Up The Westchester Bank
