Nio’s (NYSE:NIO) “Power Day” will take place in Shanghai on July 9, according to an invite CnEVPost recieved. The event is set to take place in a hotel near one of NIO’s battery swap stations and takes place shortly after NIO Power’s third anniversary. The invite detailed plans for the company to “showcase its products, technologies, and layout plans related to energy replenishment.” After word of the event got out, NIO stock jumped, ending the day up 9.6% from its open.
We’ve been supporters of Chinese EV automaker Nio for a while now. So while this news is nice, it’s just the cherry on top.
NIO Is Killing It
For one, Nio has been surpassing Tesla (NASDAQ:TSLA) in terms of recent stock performance. NIO stock is up roughly 30% in the last month, whereas TSLA stock is only up 10%. Yes, 10% is nothing to scoff at, but we see the potential for far greater gains with NIO stock than with TSLA.
We believe this stock performance trend will continue.
Nio also received a 2021 Red Dot Product Design Award for their NIO ET7 sedan, the fourth Red Dot award Nio has been awarded thus far. While not essential to the company’s success, it shows Nio’s presence at the forefront of EV technology and design.
Even more significant is Nio’s flagship SUV being approved for mass production in Europe. Nio’s EVs will first make headway in Norway, but could spread throughout the rest of Europe soon thereafter.
And once this happens, it will only be a matter of time before Nio cars become available around the globe.
The Bottom Line on NIO Stock
Of course, Nio will need to prove itself in the next year or so if it wants continued investor support.
And certainly not everything happening on the Nio front has been rosy. No company can avoid the occasional bit of bad news.
A semiconductor chip shortage affected Nio delivery numbers in May, but Nio has shown itself to be perfectly capable of overcoming near-term hurdles to dominate the EV space in the long-term. For example, despite the lower delivery numbers, Nio still hit its second-quarter delivery target and delivered 95.3% more vehicles than in May of last year.
Nio has also stated they’ll be able to make up for May’s delivery numbers by speeding up deliveries in June. This should be proof that Nio can deliver, no pun intended, and will continue to do so in the future.
For this reason and many others, we’re bullish on Nio and look forward to its shares surpassing $100 in the coming years.
NIO stock won’t soar to such extreme heights overnight because of any single piece of positive news, like NIO Power Day, but investors can look forward to Nio’s continued successes steadily growing the share price.
That’s why Nio is one of my favorite growth stocks to buy today.
But it’s just one of my top electric vehicle stocks, which represent the cream-of-the-crop when it comes to disruptive technological innovation in EVs. These companies all feature second-to-none management teams and massive long-term potential.
Each of these next-generation mobility stocks could post Tesla-like returns, including a secret startup that’s spearheading the self-driving revolution, and a company I consider my EV “sleeper” stock of the decade.
To see my entire lineup of innovative next-generation EV stocks, become a subscriber of Innovation Investor today.
On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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