- NIO delivers over 8,000 vehicles in June 2021.
- NIO shares pop over 3% in the premarket on Thursday.
- XPEV deliveries are also strong as Chinese EV space surges.
NIO shares surged in the premarket on Thursday as the company delivered 8,083 vehicles in June, a jump of 116% from last year. The quarterly data was also strong with 21,896 vehicles delivered, a gain of nearly 112% YoY. XPeng (XPEV) also announced strong delivery data for June with 6,565 deliveries, a gain of over 600% YoY. XPEV shares jumped 4% in Thursday's premarket, while NIO shares jumped 3%.
NIO statistics
| Market Cap | $78.9 billion |
| Price/Earnings | |
| Price/Sales | 25 |
| Price/Book | 18 |
| Enterprise Value | $56 billion |
| Gross Margin | 16% |
| Net Margin |
|
| Average Wall Street Rating and Price Target | Buy $54.54 |
NIO stock forecast
The move above $50 brought NIO stock into a thin volume range as we can see from the volume profile on the right of the chart. Premarket moves see NIO trading up toward resistance at $55. The move has accelerated through this week in anticipation of the strong numbers. This has put the Commodity Channel Index (CCI) and Relative Strength Index (RSI) both into overbought territory. This does not need a price correction to move back into neutral, but some period of price consolidation can work. Support at $47.13 holds the trend in place and as mentioned resistance kicks in from $55-60 as volume traffic increases in this zone.
All this positive data should have a positive read-across to EV leader Tesla (TSLA), which is due to report its delivery data this week.
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