Shares of NIO (NIO ) - Get Report, Tesla (TSLA) - Get Report, XPeng (XPEV) - Get Report and other EV makers all gained on Monday as a combination of strong delivery numbers and analyst accolades about the future of the EV market help lift the broader sector.
NIO’s American depositary receipts trading in New York rose more than 3% 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.
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.
Meantime, Piper Sandler analyst Alexander Potter joined Wedbush Securities' Dan Ives' EV-optimist camp, lifted his own one-year price target on Tesla on Monday to a Street-high of $1,200 from $515 as the “fireworks aren’t over” for the stock.
Ives recently placed a $1,250 bull-case call on Tesla amid what he expects will continue to be strong performance for the company.
Other electric carmakers were also higher on Monday, including Nikola (+5.2%), ElectraMeccanica Vehicles (SOLO) - Get Report (+3.4%), Workhorse (WKHS) - Get Report (+2.6%), Li Auto (LI) - Get Report (+2.5%) and Lordstown Motors (RIDE) - Get Report (+2.1%).