Shares of Chinese electric vehicle manufacturer NIO Inc – ADR (NYSE:NIO) are trading higher Thursday, extending a 40% monthly rally despite a lack of new company-specific news. The upward momentum appears to be driven by continued investor optimism ahead of a key product launch and supported by recently released positive delivery data.
What To Know: The stock has rallied over 40% in the past month, with much of the excitement centered on its new mass-market sub-brand, Onvo. Customer deliveries for the brand’s first vehicle, the L90 SUV, are set to begin on August 1. Analysts, such as Morgan Stanley’s Tim Hsiao, view the Onvo rollout as a significant catalyst, recently reaffirming a Buy rating and a $5.90 price target.
