NIO Stock Price and Forecast: Bullish after spiking to a new all-time high on record sales in China

  • NYSE:NIO jumped over 20% on Wednesday, rallying to a new all-time high.
  • China reports a 67% increase in electric vehicle sales during September.
  • Fourth annual NIO Day officially scheduled for January to unveil a new vehicle.

NYSE:NIO rallied past the psychological $25 resistance on Wednesday, gaining some 22.57% in a spectacular Wednesday trading session. Since then, shares have been setting new all-time highs until reaching $29.23, before closing at $28.07 on Thursday. NIO has gained more than 600% during 2020.

China released its monthly sales reports for electric vehicles and the numbers rose for the third month in a row in September. Sales numbers grew by 67.7% last month as 138,000 NEVs or new energy vehicles were sold which still represents a small percentage of the 2.57 million total vehicles sold last month in China. Interestingly, industry leader Tesla (NASDAQ:TSLA) saw its sales decrease by 4% from August, which may be a signal that government incentives are pushing locals towards domestic brands. Both NIO and XPeng Motors (NYSE:XPEV) reported double the number of sales year-over-year, yet both companies saw their stock values fall on Tuesday.

NIO stock news

NIO stock price chart

NIO is poised to keep its momentum rolling after reports have surfaced about a new vehicle being unveiled at its fourth annual NIO Day in January. The ET7 sedan should be a direct competitor to the Tesla Model S, which Tesla has recently lowered its price on in the U.S. and China, perhaps in anticipation of increased entries into the luxury sedan class. 

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