Nio Inc. (NIO) to Launch Flagship Electric SUV in May

Nio Inc. (NYSE:NIO) is one of the 8 Best Automotive Stocks to Buy According to Analysts. The stock grew 44.08% over the past year and 20.82% year-to-date. The company will soon usher its executive flagship SUVs into the battery electric era with the NIO ES9 model. On April 24, Nio said the vehicle’s official launch and delivery are set to start in late May.

Photo from NIO website

Earlier in April, Nio reported that total deliveries in the first quarter nearly doubled to 83,465, up 98.3% year-over-year, exceeding the upper end of its delivery guidance. For the month of March alone, the company delivered 35,486 vehicles, representing an increase of 136% year-over-year and 70.6% month-over-month.

Of the first quarter total, the NIO brand delivered 22,490 vehicles, up 120.1% year-over-year and 48.4% month-over-month; the ONVO brand delivered 6,877 vehicles, up 42.7% year-over-year and 130.7% month-over-month; and the firefly brand delivered 6,119 vehicles, up 130.3% month-over-month.

On March 13, HSBC upgraded its rating on NIO to Buy from Hold, driven by better visibility and stronger conviction on 2026 volume growth and earnings improvement trajectory. Based on analyst ratings compiled by CNN, Nio has a median price target of $7.05, a 13.56% upside from the current price of $6.21.

Nio Inc. (NYSE:NIO) is a global smart electric vehicle company founded in November 2014. It is also committed to fostering its own research and development capabilities for core technologies, having filed for and obtained over 9,900 patents.

READ NEXT: 10 Best Data Center Stocks to Buy for the Long Term and 5 Best Small-Cap Biotech Stocks to Buy According to Hedge Funds.

Disclosure: None. Follow Insider Monkey on Google News.