Once thought to be a dead stock, Nio Inc.(NIO) is exploding.
Just over the last few weeks, the stock has rocketed form a low of $3.08 to a recent high of $11.65 on improving sales. The company just recorded another big jump in sales.
For June 2020, the company sold 3,740 EVs for the month, up 179% year over year.
“In June, we achieved a historical high of monthly deliveries, contributing to our best quarterly performance. We appreciate the continuous support from our growing and loyal user community,” William Bin Li, Nio’s chairman and CEO, said.
In May 2020, the company delivered 3,436 vehicles. That included the delivery of 2,685 ES6s and 751 ES8s. “In May, we achieved record-high monthly deliveries in our history,” William Li, founder, chairman and CEO of Nio.
In April 2020 delivery numbers were also better than expected. In fact, deliveries were up to 3,155 for the month, a growth rate of 181% year over year, and 106% month over month.
What’s amazing is that just weeks, after upgrading NIO to a Buy rating with a $6.40 price target, Goldman Sachs cut its rating to neutral. The firm say that will it likes the company, it acted on valuation. All within three weeks.