Shares of NIO Inc. (NIO) declined 2.3% in Tuesday’s early trading session after the company revealed vehicle delivery figures for January 2022. The company delivered 9,652 vehicles during the month, up 33.6% year-over-year.
NIO designs, jointly manufactures, and sells premium smart electric vehicles. The company also provides comprehensive value-added services and innovative charging solutions to its users.
Markedly, the total number of vehicles delivered included 1,531 NIO ES8s (the company’s flagship premium smart electric SUV), 5,247 NIO ES6s (five-seater high-performance premium smart electric SUV) and 2,874 NIO EC6s (five-seater premium smart electric coupe SUV).
Further, the company revealed that it was accelerating the deployment of its power, sales and service network. As of January 31, 2022, NIO had built 836 Power Swap stations, 3,766 Power Chargers and 3,656 destination chargers across China.
Analyst Rating
On January 12, Macquarie analyst Erica Chen initiated coverage on NIO with a Buy rating and a price target of $37.70 (upside potential of 53.8% from current level).
Chen is of the opinion that NIO’s annual revenue will likely grow 52% through 2024. He describes the company as the earliest electric vehicle start-up in the market with a focus on the affordable luxury auto segment and customer service. Also, the analyst believes that NIO is well positioned with its battery swap business model, as battery swapping is supported by the Chinese government.
Overall, the Street has a bullish outlook on the stock with a Strong Buy consensus rating based on 8 Buys and 1 Hold. The NIO stock price prediction of $59.46 implies upside potential of about 142.6% from current levels.
Website Traffic
TipRanks’ Website Traffic tool, which uses data from SEMrush Holdings, the world’s biggest website usage monitoring service, offers insight into NIO’s performance.
In December, NIO’s website traffic recorded a 0.73% year-over-year fall in monthly visits. However, year-to-date, the website traffic has grown 88.84%, compared to the same period last year.
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