Shares of China-based EV maker NIO Inc. (NIO) increased 2.6% to close at $45.85 on August 2, after the company announced its number of deliveries of smart EVs in July 2021.
Yesterday, the company told investors it had delivered 7,931 vehicles in July. This represented a year-over-year increase of 124.5%.
Markedly, the total number included 1,702 deliveries of NIO ES8s, the company’s six-seater or seven-seater flagship premium smart electric SUV, deliveries of 3,669 NIO ES6s, the company’s five-seater high-performance premium smart electric SUV, and 2,560 NIO EC6s, the company’s five-seater premium smart electric coupe SUV.
Altogether, as of July 31, 2021, total cumulative deliveries stand at 125,528. (See NIO stock charts on TipRanks)
Looking at Nio’s peers, XPeng (XPEV) delivered a record 8,040 vehicles in July, representing a year-over-year increase of 228%, while Li Auto’s (LI) July deliveries came in at 8,589 Li ONEs, up 251.3%.
Following the company’s Nio Power Day event recently, Bank of America Securities analyst Ming-Hsun Lee maintained a Buy rating and a price target of $60 (30.9% upside potential) on the stock.
At the event, NIO unveiled its “Nio Power 2025” plan. According to Lee, revelations by the company made at the event eased users’ range concerns, which is likely to stimulate EV sales.
NIO shares have skyrocketed 236.1% over the past year, while the stock still scores a Strong Buy consensus rating, based on 6 unanimous Buys. That’s alongside an average NIO price target of $64.50, which implies 40.7% upside potential to current levels.
Additionally, TipRanks data shows that financial blogger opinions are 83% Bullish on NIO, compared to a sector average of 72%.