Keep an eye on Nio (SYM: NIO).
After a disastrous few months, the electric vehicle stock is coming back strong. Last trading at $5.39, if it can break above resistance at $6, it could retest $8 shortly.
Helping, the company just said it delivered 20,544 cars in May, up 234% year over year. Nio also said it delivered 66,217 vehicles to date, a 51% jump year over year. We’ll also get a better view of the company when it posts first quarter earnings on Thursday, June 6.
Even better, JPMorgan recently upgraded NIO to a neutral rating from underweight.
“The firm pointed to new initiatives and near-term events in turning more constructive on the upside. In particular, NIO is seen benefiting from its battery service strategy and the Chinese government’s policy to boost auto demand,” added Seeking Alpha.
