NIO Stock Forecast: Nio Inc rises as rival Li Auto triples its quarterly revenue

NYSE: NIO gained 1.18% during Monday’s trading session.
Nio’s rival Li Auto reported on a successful third quarter before the markets opened.
Tesla is set to begin production at its Berlin GigaFactory next month.

Stocks Reporter FXStreet

NYSE: NIO kicked the last trading week in November off in style as the Chinese electric vehicle maker rose alongside the broader EV market. Shares of Nio gained 1.18% and closed the trading session at $40.46, after hitting an intraday high price of $41.20. It was a bullish day overall for the markets which rebounded nicely from Friday’s sell off due to growing fears around the new Omicron variant of COVID-19. The NASDAQ popped higher by 1.88%, the S&P 500 rose by 1.32%, and the Dow Jones gained back 236 basis points after falling by more than 900 to close last week.

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The main news that was pushing the Chinese EV sector higher was the third quarter financial report from Li Auto (NASDAQ: LI). The company tripled its revenues year over year to $1.2 billion USD, and outpaced Nio in quarterly deliveries. While deliveries came in higher, Li’s revenues were actually lower than the $1.5 billion that Nio reported earlier this month. Nio receives additional revenues from battery swap subscriptions, and generally has a higher price tag for its luxury vehicle models.

NIO stock price

Tesla (NASDAQ: TSLA) shares were on the rise as well, which always boosts other EV stocks on the market. Word has it that the company’s Berlin GigaFactory, which has been mired in delays from German government regulations, is finally set to open for production next month. Initially, Tesla has said that Berlin will only produce Model Ys, and is a large part of the company’s goal for 50% annualized delivery growth moving forward. Shares of Tesla were up 5.09% during Monday’s session.

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FXStreet

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