Shares of NIO (NIO) - Get NIO Inc. American depositary shares each representing one Class A 蔚来汽车 Report jumped after the Chinese electric-vehicle maker reported a more than 95% year-over-year increase in deliveries for May.
The company delivered 6,711 vehicles in the month and 109,514 vehicles year to date.
Citi analyst Jeff Chung upgraded the stock to buy from neutral while raising his price target to $58.30 from $57.60.
The investment firm also raised its 2021 China new energy vehicle sales forecast to 2.52 million units from 1.79 million units, according to Bloomberg.
The company said that for several days in May, deliveries were hurt by volatility in its semiconductor supply. NIO still expects June deliveries to accelerate and make up for the delays in May.
May deliveries consisted of 1,412 units of its ES8 flagship SUV, 3,017 of the ES6 and 2,282 of the EC6.
The Shanghai company reiterated its second-quarter-delivery guidance between 21,000 and 22,000.
NIO shares at last check were 7.8% higher at $41.62.
Earlier this month, NIO unveiled plans to set up and sell its electric vehicles in Norway, rolling out its offerings beyond China.
NIO will begin delivering the latest version of its ES8 all-electric six- and seven-seat sport-utility vehicle to Norway in September, Chief Executive William Li said at an event in Shanghai.
Preorders for the ES8 are expected to begin shortly. Its first EV sedan, the ET7, will launch in the second half of 2022.
“Launching in the European market will definitively help us grow,” Li said at the event. It will set a “higher bar as we’re entering developed countries with more aggressive competition.”
The carmaker said it chose Norway as its first non-China destination due to the country’s aggressive adoption of electric vehicles.