Chart of Day: Nio (NIO) – 5/3

Keep an eye on electric vehicle stock, Nio (NIO).

After getting crushed, the stock is slowly pushing higher on news China just announced it would pay car owners about $1,400 if they replace their current cars with electric or hybrid models, as noted by The Wall Street Journal.


Analysts at DBS Holdings say NIO could see another 90% of upside, reiterating a buy rating. The firm added that vehicle margins could rebound to a range of 15% to 18% as the production of newer vehicles come online in upcoming quarters. In addition, Nio expects to strengthen its edge with the near-term rollout of its 2024 models, including the 2024 ES7, ET7 and ET5.

Even better, NIO just said it delivered 15,620 vehicles in April, up from 11,866 in March and up 135% from the 6,658 delivered a year ago. Growth in April accelerated from 14% year-over-year growth in March, as noted by Barron’s.

NIO last traded up 5.6% at $5.56 on a volume spike to 70.2 million shares, as compared to its daily average volume of 53.39 million.

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