It looks like EV (electric vehicle) mania is heating up again. Naturally, this is the perfect time to buy NIO stock while everyone else is focused on who will be the next president.
Shares of Robinhood darling Nio Inc. (NYSE: NIO) soared through the roof Monday morning thanks to a stronger-than-expected report that showed the company’s October deliveries were more than double its output from the same month in 2019.
This Chinese electric vehicle (EV) company is considered to have one of the most reliable battery EVs even beating Tesla despite only going public in New York two years ago.
Surprisingly, the demand for NIO’s all-electric SUVs has continued to rise in China and America, even in the middle of a global pandemic.
J.P. Morgan analyst Nick Lai recently raised NIO’s stock rating from neutral to overweight, tripling his price target from $14 to $40 because he believes there will be a rise in popular demand for new EV cars in China.
And now NIO is making record highs and seeing its trading volume top 211.3 million shares within one day.
NIO came in hot for the first week of November, looking ready to rumble with Wall Street — and traders everywhere were cheering for an epic smackdown.
The EV king struck again on Monday, announcing a record number of deliveries for October. The company delivered 5,055 vehicles for the month, a 100.1% increase over the year-ago month, absolutely crushing the EV market.
The fact that the automotive maker was about to double its deliveries — in the middle of a pandemic and recession — from October 2019 is very impressive.
In total NIO delivered more than 31,000 vehicles in 2020, a beautiful 111.4% increase year over year.
And if that weren’t remarkable enough, this stock’s rise throughout 2020 has been outrageous. From March’s lows to Nov. 2 massive NIO stock buy, the stock has rallied more than 1,500%. No wonder everyone seems to be thinking they should buy NIO stock now.
Demand to buy NIO stock is ludicrous. Shares were up more than 6% alone in the pre-market Monday morning.
With all this bullish momentum, is this stock still worth investing your money in?
Watch today’s video and let us know your thoughts! Have you ever traded EV stocks? If so, how did things go? Are you going to buy NIO stock after watching Lance’s video? We’d love to hear what you think in the comments below.
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