NIO Stock Does Resurrection Cross

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NIO stock formed a Resurrection Cross chart pattern on August 4, 2023. The stock has formed a turnaround pattern on the chart.

NIO stock chart on August 6 2023 with Resurrection Cross chart pattern
NIO stock chart on August 6, 2023, with Resurrection Cross chart pattern

NIO Inc. is a Chinese automobile manufacturer specializing in designing, manufacturing, and selling electric vehicles (EVs). The company is also involved in providing innovative mobility solutions and services such as battery swapping, charging solutions, and autonomous driving technologies. NIO is known for its premium electric SUVs and has gained popularity for its advanced technology, stylish designs, and high performance.

Nio price target raised to $19.20 from $13.90 at Citi

The price target for Nio was increased by Citi analyst Jeff Chung to $19.20 on August 5, 2023, while maintaining a Buy rating for the stock. According to industry reports, NIO’s order intake was strong this week, according to the analyst, who anticipates the company’s monthly run-rate to further increase in Q3 to 25,000–30,000, with the September run-rate reaching the 22,000–23,000 mark. The company predicts that high-end German brands may approach Nio about collaborating on battery swap stations and charging infrastructure because Nio has a competitive edge in this market. Rumors are circulating that Mercedes Benz could be a company looking to partner with Nio.

Nio delivers 20,462 vehicles in July

Nio announced its July delivery results on August 1st, 2023. In July, Nio delivered 20,462 vehicles, up 103.6 percent from the same month last year. 6,396 high-end Smart electric sedans and 14,066 high-end Smart electric SUVs were delivered. By July 31, there had been 364,579 NIO vehicles delivered overall. The All-New ES6 is a smart, all-around electric SUV, and since its release in late May, deliveries have been steadily increasing. In July, they surpassed 10,000 units per month. Both ET5 and EL7 received the five-star rating in the July 2023 Euro NCAP safety tests. In the vehicle crash tests for occupant protection, both models received the highest Euro NCAP ratings for sedans and SUVs, respectively, since 2020.

The Electric Nio ET7 – First Test in America!

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