He expects NIO's stock price to go up and has a $10 price target on it.
Factors:
NIO has sold 15,600 EVs (SUV- 8,800 EVs & Sedan - 6,800) in April 2024.
This was > +134% YoY increase.
It is also about 33% of NIO’s 2024 total delivery of 45,573 EVs.
SUV sales rose +31% MoM to 8,800 EVs. This include SUVs models ES6, ES7, ES8 & EC6.
Sedan sales grew +31% MoM to 6,800 EVs.
Sales are inching closer to NIO's previous record (about 18,000-20,000 EVs monthly).
The analyst thinks (a) EVs’ discount, (b) a tweak in its Battery-as-a-Service (Baas) plan and (c) knock-on effect from new entrant competitor Xiaomi, all helped boost sales.
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