China’s electric vehicle company NIO Inc (NIO) has just provided its September and third quarter 2020 delivery results. NIO delivered 4,708 vehicles in September 2020, a new monthly record representing a strong 133.2% year-over-year growth.
The deliveries consisted of 3,210 ES6s, its 5-seater high-performance premium smart electric SUV, 1,482 ES8s, the 6-seater and 7-seater flagship premium smart electric SUV, and 16 EC6s, the 5-seater premium electric coupe SUV.
Turning to the third quarter, NIO delivered a total of 12,206 vehicles, reflecting an impressive of 154.3% year-over-year and exceeding the higher end of the company’s quarterly guidance.
As of September 30, 2020, cumulative deliveries of the ES8, ES6 and EC6 reached 58,288 vehicles, of which 26,375 were delivered in 2020, the company added.
Shares in Nio fell 2.7% in Friday’s trading, with the stock up a whopping 427% year-to-date. Due to the stock’s explosive rally, the Street has a cautiously optimistic Moderate Buy consensus on NIO right now. That’s with 4 buy ratings, vs 3 hold ratings and 1 sell rating.
Meanwhile the average analyst price target indicates downside potential of 19% from current levels.
Speaking for the bulls, Deutsche Bank’s Edison Yu recently reiterated his NIO buy rating and $24 price target- indicating 13% further upside potential.
“The main push back we received on our bullish view is NIO’s brand does not create the same level of excitement and loyalty in China that Tesla or the German luxury auto makers command,” Yu explained.
However the analyst “continue[s] to see compelling evidence that NIO is increasingly perceived by customers as a high-quality premium brand with best-in-class technology and service.”
For instance, Yu points out that NIO scores a high referral rate from owners, while the brand’s favorability score actually beats that of auto peers like BMW and Daimler’s Mercedes-Benz. “As [battery EV] adoption increases and word of mouth spreads, we believe NIO can take material share in the premium segment,” he concluded. (See NIO stock analysis on TipRanks).
The post Nio Sept. Car Deliveries More Than Double; Stock Now Up 427% YTD appeared first on TipRanks Financial Blog.
Peloton Mineral’s Elephant Hunt for Copper in Montana Becomes Possible With Modern Technology
Ted Ellwood had his eye on the Boulder copper porphyry project in southwestern Montana for more than ten years…
Watching Equinox Gold Corp. (EQX) For Insider Activity
Equinox Gold Corp. (AMEX:EQX) traded with a subtraction of -$0.15 to $3.36 on Thursday, a downside of -4.42 percent. An average of 1,926,822 shares of…
Skeena rallies on Eskay feasibility news
Skeena Resources Ltd. [SKE-TSXV, SKREF-OTCQX, RXFB-FRA] shares rallied Thursday after the company tabled results of…
Economics20 hours ago
Anti-Globalism Is Going Mainstream – Which Means Engineered Disaster Is About To Strike
Precious Metals18 hours ago
When and Where Will Gold Bottom?
Drilling News18 hours ago
Aton announces the first results and completion of the resource infill RC drilling programme at Hamama West
Economics7 hours ago
There’s Blood In the Streets! Here’s Why & What To Do About It
Uncategorized22 hours ago
Stockman Slams Washington’s Pointless War On Behalf Of A Fake Nation
Economics7 hours ago
Commodities Are Practically Bulletproof Investments Going Forward
Companies18 hours ago
Nevada Exploration Provides Project Updates and Seeks Expressions of Interest
Precious Metals7 hours ago
$1,278 Gold Is Now Our Official Target – Until Proven Otherwise.