Nio Inc nio Stock Surges on Strong June and Q2 2023 Delivery Results

NIO Inc. (NIO) Stock Surges on Strong June and Q2 2023 Delivery Results

NIO delivers 10,707 vehicles in June, including 6,383 premium smart SUVs and 4,324 smart Sedans

Shares of NIO Inc. (NYSE: NIO) are soaring 4.85% in pre-market trading on Monday following the company’s announcement of its delivery results for June and the second quarter of 2023.

In June 2023, NIO delivered a total of 10,707 vehicles, with 6,383 being premium smart electric SUVs and 4,324 premium smart electric sedans. This contributed to a second-quarter total of 23,520 vehicle deliveries. Remarkably, NIO’s cumulative vehicle deliveries reached a milestone of 344,117 as of June 30, 2023.

One of the key highlights for NIO was the successful launch of the ET5 Touring, a smart electric tourer, on June 15, 2023. The ET5 Touring, designed with families in mind, boasts versatile space, exquisite and dynamic design, high-performance genes, and advanced intelligent features. It’s the perfect vehicle for users looking to explore future journeys across all scenarios. Deliveries of the ET5 Touring commenced on the very next day.

Moreover, NIO made significant progress with the All-New ES8, a smart electric flagship SUV, as the company started its delivery ramp-up on June 28, 2023.

The Chinese electric vehicle manufacturer witnessed a positive start to trading on June 30, 2023. NIO’s stock opened at $9.63, surpassing the previous close of $9.39. Throughout the day, the stock fluctuated between $9.59 and $10.09, with a total volume of 63,465,224 (63.46 million) shares traded.

Analysts Bullish on NIO Inc.

The latest data from CNN Money reveals that 30 analysts have shared their 12-month price forecasts for NIO Inc. The median target price provided by the analysts is $9.71, which represents a 0.98% increase from the last recorded price. This means that, on average, the analysts believe NIO Inc.’s stock has room for growth and could see a slight uptick in value.

While the median target price provides an overall outlook, it’s also important to consider the high and low estimates. The high estimate stands at $19.88, suggesting the possibility of significant growth in NIO Inc.’s stock price. On the other hand, the low estimate is $6.32, indicating a more conservative projection.

Taken together, these forecasts indicate a generally positive sentiment among analysts regarding the future performance of NIO Inc.’s stock. It’s worth noting that analysts’ opinions can vary, and these forecasts should be considered as informed predictions rather than definitive outcomes.