NIO Inc. (NIO), a Chinese electric vehicle developer and manufacturer – got a boost from news that it may begin selling its vehicles in Europe. The stock price increased 1407.67% since the start of this year. The stock price declined -5.00% in the last five trades and went up 17.80% in the last 30 trades. Although the share price increased by 377.30% in the last six months, NIO stock increased by 78.15% in the previous three months.
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On Thursday, February 28, a Morgan Stanley analyst increased the forecast for total electric vehicle sales in China in 2021 from 1.5 million to 1.7 million units, causing a spike in NIO quotes. The Chinese electric vehicle market continues to grow rapidly, and one of the primary beneficiaries is NIO as a premium car manufacturer. Amid this background, Morgan Stanley raised the price target for NIO shares from $ 33 to $ 80, setting a “Market Outperform” recommendation.
Another reason for the increase in NIO Inc. (NIO) quotations was the publication of an article in Electrek announcing the positive results of the tests done on the electric crossover NIO ES6 and the possible launch of sales of this vehicle in Europe. NIO’s competitiveness in the European market is uncertain given Tesla’s dominance and other European carmakers. So far, the company has sold all its electric vehicles in its market in China.
Compared to China, where cheaper cars are popular, the premium EV market in Europe is more competitive. However, NIO cars have unique features that no other vehicle manufacturer can match. Therefore, quick battery changes can attract car and taxi companies since they reduce electric vehicles’ downtime.
NIO Inc. (NIO) will publish a quarterly report in mid-February that assesses the company’s performance in terms of supply and financials.