NIO Stock Forecast: Nio Inc continues to roll as it announces details for Nio Day 2021

NYSE:NIO gained 5.04% during Monday’s trading session.
Nio announces details for its next Nio Day event to be held in December.
Nio inches closer to doubling its production capacity in China.

Stocks Reporter FXStreet

NYSE: NIO continued its roll to start the week as the Chinese EV Maker has now gained 11% during the past week and nearly 13% over the past month. Shares of Nio gained 5.04% on Monday and closed the first trading session of the week at $39.61. It was a fairly flat day for the broader markets after a strong rally into last week’s close. The Dow Jones was the only major index to close the day lower, and the NASDAQ paced the markets as mega-cap tech stocks surged to start the week. Notably, Tesla (NASDAQ:TSLA) continued its recent run as the stock added a further 3.21% to hit $870 per share by the closing bell.

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Nio is also firing on all cylinders right now and the company added to its recent positive headlines. On December 18th, Nio will hold its annual Nio Day event which is traditionally when the company releases details on new vehicles and upcoming projects. This will be the fifth Nio Day event in the company’s history, and shareholders are anticipating new details about the new ET7 and ET5 sedans and potentially even the EF9 sportscar.

NIO stock price

Nio also announced last week that it has completed Phase 1 of its production facility expansion which means the company is inching closer to doubling its production capacity in China. The total capacity is believed to be doubling from 120,000 to 240,000 vehicles per year, although Nio recently revealed that it could actually be an output closer to 300,000 vehicles by the time the project is completed. Nio is one of the leading EV makers in the Chinese domestic market and started its European expansion into Norway earlier this year.

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FXStreet

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