NIO Inc. Electric vehicle Provides October 2020 Delivery Update The company achieved new record-high monthly deliveries
Shanghai, China, November 02, 2020 (GLOBE NEWSWIRE) - NIO Inc. ("NIO" or "Company") (NYSE: NIO), a leader in China's premium smart electric vehicle market, today delivered its October 2020 delivery results.
NIO (NYSE:NIO 30.58 -4.41%) shares have been cresting an epic bullish wave following a string of endorsements from Wall Street behemoths. Today, the Chinese EV company has provided a fresh impetus to the bulls as it revealed record-breaking deliveries for the month of October 2020.
The NIO delivered 5,055 vehicles in October 2020, a new monthly record representing a year-over-year increase of 100.1%. Delivery included 2,695 ES6s, the company's 5-seater high-performance premium smart electric SUV, 1,477 ES8s, the company's 6-seater and 7-seater flagship premium smart electric SUV, and 883 EC6s, the company's 5-seater premium electric coupe . SUV. The NIO delivered 31,430 vehicles in total in 2020, representing an 111.4% year-on-year increase. As of October 31, 2020, cumulative deliveries for ES8, ES6 and EC6 reached 63,343 vehicles.
According to a press statement released some time ago, NIO delivered 5,055 EVs in October, including 2,695 units of the ES6 model, 1,477 units of the ES8 model, and 883 units of the EC83 model. This cumulative October 2020 delivery number is an increase of 100.1 percent relative to the comparable month of the previous year. Year after year, the company has delivered 31,430 vehicles.
Of course, NIO had already revealed via a tweet on the 29th of October that its monthly production exceeded 5000 units for the first time ever:
This press release contains statements that may constitute a "forward looking" statement in accordance with the "safe harbor" provisions of the US Private Securities Litigation Reform Act. These forward looking statements can be identified with words like "willpower,". Expects, "" Anticipated, "" Objective, "" Future, "" Intent, "" Plan, "" Faith, "" Anticipate, "" and similar statements are likely.
Among other things, quotations from management in this announcement, as well as NIOs strategic and operational plans, contain forward-looking statements. NIO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties.
Statements that are not historical facts, including statements about NIO’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIO’s strategies; NIO’s future business development, financial condition and results of operations; NIO’s ability to develop and manufacture a car of sufficient quality and appeal to customers on schedule and on a large scale; its ability to grow manufacturing in collaboration with partners; its ability to provide convenient charging solutions to its customers; its ability to satisfy the mandated safety standards relating to motor vehicles; its ability to secure supply of raw materials or other components used in its vehicles; its ability to secure sufficient reservations and sales of the ES8 and ES6; its ability to control costs associated with its operations; its ability to build the NIO brand; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing.
Further information about these and other risks is included in NIOs filings with the SEC. All information provided in this press release is as of the date of this press release, and the NIO assumes no obligation to update any forward-looking details, except as required under applicable law.
Bear in mind that NO has been swiftly ramping up its production capacity. Earlier in October, the company’s CEO, Li Bin, revealed in an interview with a Chinese TV channel that the EV manufacturer was leveraging its ongoing partnership with JAC Motors to increase its production capacity to 150,000 units in 2021. In a crucial insight, the CEO also indicated that the company’s production capacity would double to 300,000 units per annum, corresponding to a monthly production capacity of 25,000 units, by the end of 2021.
As previously stated, NIO shares are benefiting from continuing Wall Street endorsements. For example, on October 14, JP Morgan (NYSE: JPM 98.04 0.90%) analyst, Nick Lai, set a new June 2021 price target of $ 40 for NIO shares based on 3.0x enterprise value (EV). - The year is estimated to be 2025. Apparently, JP Morgan noted that the NIO would be able to capture 7 percent of the cumulative EV market and 30 percent of the premium EV segment by 2025.
Thereafter on the 26th of October, Morgan Stanley (NYSE:MS 48.15 0.80%) called NIO "a strong EV leader in the making" in its most recent investment note, raising the stock price target to $33 from the original peg at $20.5. Morgan Stanley analyst, Tim Hsiao, based this upgrade on better-than-expected Q3 deliveries, margin upside potential, and an “update of our assumptions behind NIO's vehicle and long-term take rate of NOP”.
NIO shares closed at a record high of $31.99 on the 29th of October. Year to date, the stock has generated gains of over 722 percent!
