Electric vehicle manufacturer NIO Inc. (NYSE: NIO) recently reported its first-quarter delivery results ended March 31, 2022. The company also provided delivery data for the month of March.
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Following the update, shares of the company rose almost 5.4% to close at $22.19 in Friday’s extended trading session.
Details of the Deliveries
In the first quarter of 2022, the company’s cumulative deliveries stood at 192,838 vehicles, up 28.5% year-over-year.
In March 2022, the company delivered 9,985 vehicles, up 37.6% year-over-year. The deliveries consisted of 9,822 premium smart electric SUVs, including 1,726 ES8s, 5,064 ES6s and 3,032 EC6s, and 163 ET7s.
Future Launches
Next month, the company plans to launch the 2022 NIO ES8, ES6 and EC6 and unveil its digital cockpit upgrade plan for existing users.
Stock Rating
Recently, Deutsche Bank analyst Edison Yu reiterated a Buy rating on the stock with a price target of $50, which implies upside potential of 128% from current levels.
According to the analyst, the company has increased the resilience of its supply chain, which is expected to aid its goals of delivering quality experiences to its customers.
Consensus among analysts is a Strong Buy based on 16 Buys and two Hold. NIO’s average price target of $44.73 implies upside potential of 104% from current levels. Shares have declined 44.2% over the past year.
Website Traffic
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Nio’s performance this quarter.
According to the tool, the Nio website recorded a 28.10% monthly decline in global visits in February, compared to the same period last year. Further, the footfall on its website has declined 61.05%, compared to the previous year.
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