Shares of Chinese EV maker NIO (NYSE:NIO) (HK:9866) are on the rise today after the company reported a massive 134.6% year-over-year jump in its vehicle deliveries for April. NIO is slated to report its first-quarter numbers later this month.
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Rising Deliveries and New Partnerships
NIO delivered 15,620 vehicles in April and a total of 45,673 units year-to-date. The manufacturer of premium smart electric vehicles has cumulatively delivered 495,267 vehicles as of April 30. The company’s delivery numbers for April consisted of 8,817 premium smart electric SUVs and 6,803 premium smart electric sedans.
The upbeat delivery numbers come fresh on the heels of NIO launching its 2024 ET7 premium smart electric executive sedan last week. Featuring a digital cockpit, deliveries of the ET7 began on April 30. Additionally, NIO teamed up with luxury EV maker Lotus Technology on charging and battery-swapping technology last week. So far, NIO has announced battery-swapping strategic partnerships with multiple names, including Changan Automobile, Geely Group, JAC Group, and Chery Automobile.
NIO’s Upcoming Results
Separately, NIO is scheduled to report its first-quarter results on May 29. Analysts expect the company to report another quarterly loss with an EPS of -$0.30 on $1.45 billion in revenue for the quarter. In the comparable year-ago period, NIO’s net loss per share of $0.35 had come in narrower than estimates by $0.04. Over the past five years, NIO has delivered a steady improvement in sales but an unbroken string of net losses.
Is NIO a Buy, Sell, or a Hold?
It’s no wonder then that NIO’s share price has plummeted by nearly 88% over the last three years. Overall, the Street has a Moderate Buy consensus rating on the stock, alongside an average NIO price target of $6.92.
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