NIO (NYSE:NIO) was up in pre-market trading after the Chinese EV company’s vehicle deliveries skyrocketed by 98.1% year-over-year to 21,209 vehicles in June. The company’s deliveries consisted of 11,581 premium smart electric SUVs and 9,628 premium smart electric sedans.
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More Details About NIO’s Vehicle Deliveries
Overall, NIO delivered 57,373 vehicles in the second quarter, representing an increase of 143.9% year-over-year. The company’s vehicle deliveries at the end of the second quarter exceeded its prior forecast of deliveries in the range of 54,000 to 56,000 units. Furthermore, NIO’s cumulative deliveries of vehicles reached 537,020 as of June 30.
The company’s June quarter deliveries are likely to bolster NIO stock, which has plunged by more than 50% over the past year. The stock has remained under pressure this year as its Q1 results left investors disappointed. NIO’s losses widened in Q1 to an adjusted loss of RMB 2.39 ($0.33) per diluted American Depositary Share (ADS), compared to an adjusted loss of RMB 2.51 per ADS in the same quarter last year. This loss was wider than analysts’ estimates of a loss of $0.30 per share.
Is NIO a Buy or Sell Today?
Analysts remain cautiously optimistic about NIO stock, with a Moderate Buy consensus rating based on five Buys, six Holds, and one Sell. The average NIO price target of $6.19 implies an upside potential of 48.8% from current levels.
