#2 - Nio (NYSE:NIO)
A bullish vote of confidence from the Chinese government is lifting all of that country’s EV makers. On July 30, 2021, China’s Central Committee called for more support for the domestic EV market. While this pronouncement is likely to help all of the country’s EV manufacturers with government subsidies, it brings to mind the good fortune that befell Nio (NYSE: NIO).
Nio was headed nowhere fast. In fact, many market observers (including yours truly) thought Nio was headed for bankruptcy. But the Chinese government intervened, and after that point, the news has been bullish for Nio. The company has layered innovations like its battery-as-a-service (BaaS) initiative along with rising delivery numbers and NIO stock has shown spectacular gains in the process.
At one point, NIO stock rose as high as $66.99 and an early summer rally took the stock back over $50. The company is set to report earnings in mid-August. A solid report may be just the catalyst the stock needs to start testing that 52-week high.
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
- $4.70
- Consensus Rating
- Hold
- Ratings Breakdown
- 3 Buy Ratings, 8 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $5.91 (25.8% Upside)
