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Shares of electric vehicle (EV) maker Nio (NYSE: NIO) take off on Wednesday after upgrade and price hike from analyst
JPMorgan’s Nick Lai changed his call-to-action from “hold” to “buy” and raised his price target from $ 14 to $ 40 That’s almost double the current price of NIO shares, and that’s also for a good reason
According to Barron’s Al Root, “Lai believes that electric vehicle penetration in China will be four times higher by 2025, which means that about 20% of all new cars sold in China would be battery-powered « This presents a strong case for companies like Nio, and it also helps that China’s EV industry is expected to grow at a 25% CAGR by 2025.
Additionally, Nio has plenty of catalysts working in its favor at the moment Besides its battery-as-a-service announcement in August, the EV maker also reported strong delivery figures from September. In fact, Nio said it shipped 4,708 vehicles in the month, an increase of 1,332% year-over-year.Additionally, Nio reported 12,206 vehicle deliveries in the three months ended September 2020 This represents also an increase of 1543% YOY
In addition, the company plans to enter more markets across the world in the coming years
As of the publication date, Nick Clarkson does not hold (neither directly nor indirectly) any position in any of the stocks mentioned in this article
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