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Tesla, NIO and Xpeng - The Latest on Hot EV Stocks

Shares of NIO, Tesla and XPeng rise amid strong delivery numbers and analyst accolades about the future of the EV market.

Shares of NIO  (NIO ) - Get NIO Inc. American depositary shares each representing one Class A 蔚来汽车 Reportand other electric carmakers including Tesla  (TSLA) - Get Tesla Inc. Report, XPeng  (XPEV) - Get Altitude Acquisition Corp. Unit Report and Nikola  (NKLA) - Get Nikola Corporation Report rose Monday as a combination of strong delivery numbers and analyst accolades about the future of the EV market helped lift the broader sector.

NIO’s American depositary receipts trading in New York rose on Monday after the electric carmaker said it delivered a record 7,225 vehicles in January, representing more than 350% year-on-year growth for the Shanghai-based company. 

The deliveries consisted of 1,660 ES8s, the company's six-seater and seven-seater smart electric SUV, 2,720 ES6s, the company's five-seater smart electric SUV, and 2,845 EC6s, the company's five-seater electric coupe SUV. As of Jan. 31, cumulative deliveries of the ES8, ES6 and EC6 reached 82,866 vehicles.

Demand for NIO's all-electric SUVs continue to attract buyers in China, a sign that Chinese consumers are not only back to spending on big-ticket items like cars following the coronavirus pandemic but that the Chinese economy is also on a recovery path.

On a broader level, analysts see NIO’s ongoing sales successes as part of a bigger next wave of global demand for electric vehicles - something that Wedbush Securities’ Dan Ives, who has a $1,250 bull-case call on Tesla, continues to expect to fuel Tesla’s success both in the region and elsewhere.

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Indeed, Piper Sandler analyst Alexander Potter joined Ives in the EV-optimist camp, lifting his own one-year price target on Tesla on Monday to a Wall Street-high of $1,200 from $515 as the “fireworks aren’t over” for the stock.

“With Tesla’s target industries still embracing outdated business models, it may be decades before this company runs out of new opportunities to pursue,” Potter said in a note, adding that he sees vehicle deliveries ramping up to more than 9 million by 2030.

Separately on Monday, electric vehicle maker XPeng said it delivered 6,015 vehicles in January, a 470% year-over-year increase. Deliveries consisted of 3,710 of the company’s P7 models and 2,305 of its G3 models.

NIO’s ADRs were up 1.8% at $58.10 in trading on Monday. The shares have surged more than 1,300% over the past 12 months. Shares of Tesla, meanwhile, were up 3.07% at  $817.92, while XPeng’s ADRs were up 3.21% at $49.80. 

Other electric carmakers were also higher on Monday, including Nikola  (NKLA) - Get Nikola Corporation Report (+5.2%), ElectraMeccanica Vehicles  (SOLO) - Get Electrameccanica Vehicles Corp. Ltd. Report (+3.4%), Workhorse  (WKHS) - Get Workhorse Group Inc. Report (+2.6%), Li Auto  (LI) - Get Li Auto Inc. Report (+2.5%) and Lordstown Motors  (RIDE) - Get Lordstown Motors Corp. Report (+2.1%).