China-based electric vehicles (EV) maker NIO Inc. (NIO) said that it achieved new record-high monthly and quarterly deliveries in September 2021. The company delivered 10,628 vehicles during the month, marking a year-over-year jump of 125.7%.
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Markedly, the total number included 1,978 deliveries of NIO ES8s (the company’s flagship premium smart electric SUV), 5,260 deliveries of NIO ES6s (five-seater high-performance premium smart electric SUV) and 3,390 NIO EC6s (five-seater premium smart electric coupe SUV).
For the third quarter, the company delivered a total of 24,439 vehicles, up 100.2% year-over-year. At the end of September, the total number of vehicles delivered by the company stood at 142,036. (See NIO stock chart on TipRanks)
Notably, Nio disclosed to have opened its NIO House and completed its first batch of vehicle deliveries in Norway on September 30, 2021.
On September 26, HSBC analyst Yuqian Ding maintained a Buy rating on the stock and lowered the price target to $47 (31.9% upside potential) from $69.
Ding expects Nio’s product cycle to pick up momentum in 2022 with new models. The analyst reduced the price target after factoring lower 2021 and 2022 earnings estimates and heightened competition in the EV segment.
Last week, another analyst, Bank of America Securities’ Ming Hsun Lee maintained a Buy rating on the stock with a price target of $62 (74% upside potential).
Overall, the Street is bullish on the stock and has a Strong Buy consensus rating based on 6 unanimous Buys. The average Nio price target of $63.85 implies upside potential of about 79.2%.
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