NIO Stock Forecast: Nio Inc climbs higher despite dip in January vehicle deliveries

NYSE: NIO gained 1.55% during Tuesday’s trading session.
Nio reported its January vehicle deliveries numbers before the opening bell.
Nio’s rivals XPeng and Li Auto also reported their figures on Tuesday.

Stocks Reporter FXStreet

NYSE: NIO investors were initially turned off by Nio’s report on Tuesday morning but by the closing bell, shares had returned another positive day. Shares of Nio gained 1.55% and closed the trading day at 24.89. The US markets kicked February off with the second straight positive session, as all three major indices climbed higher once again. The Dow Jones led the way on Tuesday as the blue-chip index rose by 273 basis points, while the S&P 500 and NASDAQ gained 0.69% and 0.75% respectively. It was another bullish session for growth stocks as impressive earnings from AMD (NASDAQ: AMD) and Alphabet (NASDAQ: GOOGL) provided more momentum for the tech sector.

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Before the markets opened, Nio reported its vehicle deliveries for the month of January. The China-based EV maker delivered 9,6522 vehicles in January, which represents a 34% year over year increase. It also represented an 8% sequential decline from December when Nio delivered 10,489 vehicles. Shares of Nio dropped during early morning trading, but rallied higher after the company reiterated its aggressive plans for expansion as well as improvements in its charging infrastructure and battery swap stations.

NIO stock price

Nio’s domestic rivals XPeng (NYSE: XPEV) and Li Auto (NASDAQ: LI) also reported earnings on Tuesday. Both companies saw deliveries double from January of 2021, as XPeng saw a 115% rise and Li Auto had a 128% rise. The Chinese EV market is heating up as nearly 3 million total electric vehicles were sold in 2021. Shares of XPeng and Li Auto were up by 3.73% and 4.60% respectively.

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