Chinese automaker NIO saw its stock jump on Thursday after dropping off since July, following an increased outlook from one Goldman Sachs analyst, according to The Street.
Goldman Sachs analyst Fei Fang increased his rating on NIO to “buy” from “neutral,” keeping to a price target of $56 per share.
Fang said, “We believe Nio’s positioning of the ET7 is strategic. The product design, such as the wheelbase, is in the same class with peer full-size premium sedans including Mercedes S-class and BMW 7 series.”
NIO Owners Surpass Over 3 Billion Kilometers of Total Driving https://t.co/4JlpWbfqmH
— TeslaNorth.com (@RealTeslaNorth) October 4, 2021
NIO’s stock also increased to an all-time high in January, following the ET7’s release. NIO also saw deliveries surging in September, alongside fellow China-based EV automakers Xpeng Motors and Li Auto.
The company also announced a new NIO 75 kWh hybrid battery cell EV configuration last month, set to become available in November.
At the time of writing in late-morning trading on Thursday, NIO’s shares were up to $36.34 (+7.95%), up $2.68 from Wednesday at market close.
Contributing Writer at TeslaNorth.com from California’s southeast Bay Area. Covers electric vehicles, space exploration, and all things tech. Loves a good cup of coffee, live music and puppies. Buying a Tesla? Click here to get 1,000 free Supercharging miles.