NIO Stock Price and Forecast: A welcome surge for investors as new sales numbers impress
- NYSE:NIO added 3.96% on Wednesday as the market gained for the third straight day.
- NIO hit a new monthly record in January for delivery of its ES8 SUV model.
- The global electric vehicle industry gears up as Apple announces a new partnership.
NYSE:NIO has been slightly stagnant lately as the stock has traded sideways for the better part of the new year, even after briefly touching an all-time high of $66.99 earlier in January. On Wednesday, NIO gained 3.96% during the trading session to close the day at $57.98, which is well above both its 50-day and 200-day moving averages. All signs from its recent sales report point to another successful earnings call for NIO which is anticipated to be in the second half of February.
The recent monthly sales report shows that demand for NIO’s ES8 SUV continues to be strong. NIO reported a new monthly record of 7,225 vehicles sold in the month of January, which is a very impressive 352% year-over-year increase from January of 2020. The figure also beat out rival XPeng’s (NYSE:XPEV) January number of 6,015 vehicles and LI Auto’s (NASDAQ:LI) number of 5,379 vehicles. The rise in sales is also encouraging for shareholders as industry leader Tesla (NASDAQ:TSLA) recently introduced its Model Y SUV model in China as well.
NIO stock news
Another industry shakeup came on Wednesday after newcomer Apple (NASDAQ:AAPL) announced it has chosen South Korean automaker, Kia, as its partner for Project Titan. Apple is set to disrupt the electric vehicle industry over the next few years with its Apple Car, but they are not the only big tech company entering the mix. Chinese company Ali Baba (NYSE:BABA) also partnered with state-run automaker SAIC.
Premium
You have reached your limit of 3 free articles for this month.
Start your subscription and get access to all our original articles.
Author
Stocks Reporter
FXStreet
