NIO Cranks Out Double-Digit Electric Car Deliveries In October

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Electric car maker NIO  (NIO) - Get Report continues to be the competitor in Tesla's  (TSLA) - Get Report rear-view mirror that won't go away.

The Shanghai-based electric car maker said it delivered 5,055 vehicles in October, double its deliveries of 2,526 vehicles in the same period a year ago. The month's total deliveries consisted of 2,695 units of its ES6 model, 1,477 ES8s, and 883 EC6s.

Year-to-date deliveries as of Oct. 31 totaled 31,430 vehicles, more than double what it delivered a year ago.

Still, Nio lags far behind Tesla, whose registrations in China topped 50,000 in the first half of 2020. 

J.P. Morgan analyst Nick Lai last week upgraded NIO to overweight from neutral and nearly tripled his share-price target to a Wall-Street-high of $40 from $14 on what he expects to be strong demand for new energy vehicles in China.

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