Chinese smart electric vehicle manufacturer NIO Inc (NIO) announced delivery numbers for the month of April. The company delivered 7,102 units, reflecting about 125% year-on-year growth.
This includes the delivery of 1,523 ES8s, 3,163 ES6s, and 2,416 EC6s. ES8 is NIO’s flagship premium smart SUV, with a 6/7 person seating capacity. Additionally, ES6 is NIO’s high-performance premium smart electric SUV with a 5 person seating capacity, and EC6 is a premium smart electric coupe SUV, also with a 5 person capacity.
At the end of April, total deliveries of the three models so far were 102,803 units. (See NIO stock analysis on TipRanks)
However, all is not rosy at NIO. Though it boasted record sales and a stellar climb in 2020, shares have dropped recently, with a fall of 19% year-to-date. Investors are hesitant about NIO due to rising competition from other EV makers.
On April 30, Mizuho Securities analyst Vijay Rakesh assigned the stock a Buy rating and a $65 price target (63.1% upside potential).
Reacting to the company’s 1Q results, Rakesh views the numbers as “solid” and highlighted NIO’s steady production at 7,500 units per month, even amid the supply issues the industry is facing at present.
Consensus on the Street is that NIO is a Moderate Buy, based on 7 Buys and 3 Holds. The average analyst price target of $60.04 implies 50.7% upside potential. Shares have surged about 1,143% over the past year.