The Nio Inc. (NIO) boom continues.
Over the last two months, the NIO stock price soared from $11 to a recent high of $18. From here, NIO stock could see higher highs after reporting another record month of deliveries.
For August 2020, NIO completed 3,965 – a year over year increase of just over 104%. That’s also a 12.2% jump month over month. Cumulative deliveries, says the company, are up to 21,667 for the year, an increase of nearly 110% year over year, as well.
“In August, we achieved our best-ever monthly performance on both deliveries and order growth,” said William Bin Li, founder, chairman, and chief executive officer of NIO. “As we continue to improve the production capacity for all NIO products, our monthly capacity will reach 5,000 units in September to support our future deliveries. With the closing of our recently announced ADS offering, we have further enhanced our balance sheet and optimized our capital structure to be better prepared for the acceleration of our core technology development, autonomous driving in particular, and the global market expansion in the future.”
For July 2020, the company quadrupled its EV sales. In fact, sales were up 322% to 3,533 vehicles – its second best month ever.
Related: NIO Stock Price Surges on Analyst Upgrade
For June 2020, the company sold 3,740 EVs for the month, up 179% year over year. “In June, we achieved a historical high of monthly deliveries, contributing to our best quarterly performance. We appreciate the continuous support from our growing and loyal user community,” William Bin Li, Nio’s chairman and CEO, said.
In addition, UBS analyst Paul Gong upgraded the stock to the equivalent of a Hold from a Sell. The analyst also raised his price target from $1 to $16, according to Barron’s.
As of this writing, Ian Cooper did not own shares of Nio Inc.
