#5 - Nio (NYSE:NIO)
Nio Inc. (NYSE: NIO) is one of China’s leading electric vehicle (EV) manufacturers. It’s not an easy time to own EV stocks in general. This is particularly true in China which is trying to stimulate its tired consumer base. Despite a 34.8% increase in the last month, NIO stock is still down 25% in 2024.
However, that hasn’t affected Nio’s EV deliveries which reached a record level of 62,000 deliveries in its most recent quarter. That caps a five-month stretch where the company’s deliveries topped 20,000.
A key yardstick for investors will be the success of the company’s ONVO L60 offering. This is being launched as a response to the Tesla Inc. (NASDAQ: TSLA) Model Y which is capturing a significant share of the low-end market in the country. To that end, investors should note that the company received a cash infusion equivalent to $470 million from investors that will help Nio bring the ONVO to market and develop its next model, Firefly.
About NIO
NIO Inc designs, manufactures, and sells electric vehicles in the People's Republic of China. The company is also involved in the manufacture of e-powertrain, battery packs, and components; and racing management, technology development, and sales and after-sales management activities. In addition, it offers power solutions for battery charging needs; and other value-added services.
Read More - Current Price
- $6.39
- Consensus Rating
- Hold
- Ratings Breakdown
- 3 Buy Ratings, 8 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $5.93 (7.1% Downside)
