NIO Shares Rise on Record Deliveries Despite Earnings Shortfall
NIO Inc. shares gained 3.4% to close at $7.25 Friday despite lighter-than-average trading volume, as investors responded to the Chinese EV maker's record October deliveries. The company shipped 40,397 vehicles last month—a 92.6% year-over-year surge—bringing year-to-date deliveries to 241,618 units.
Analysts turned bullish following the delivery report, with Citigroup raising its price target to $8.60 and UBS upgrading the stock to buy. This Optimism overshadowed a Q3 earnings miss, where NIO posted a $0.32 per-share loss on $2.65 billion revenue.
The ONVO L90 SUV continues demonstrating strong demand with three consecutive months exceeding 10,000 units shipped since its July debut. October's performance marked across-the-board strength in NIO's vehicle lineup.
