NIO (NYSE:NIO), a major Chinese EV company, has been driving full speed ahead following its announcement of vehicle delivery figures for March.
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The company’s vehicle deliveries went up by 14.3% year-over-year in March to 11,866 vehicles. NIO’s deliveries consisted of 6,737 premium electric Sports Utility Vehicles (SUVs), and 5,129 premium electric sedans.
Moreover, the company delivered 30,053 vehicles in the first quarter of 2024. On a cumulative basis, NIO delivered 479,647 vehicles as of March 31, 2024.
What is the Future Price of NIO stock?
Analysts remain cautiously optimistic about NIO stock with a Moderate Buy consensus rating based on seven Buys, eight Holds, and one Sell. NIO stock has plunged by more than 50% over the past year and the average NIO price target of $6.99 implies an upside potential of 55.3% at current levels.
