NIO (NYSE: NIO) shares have edged lower premarket Thursday following its November delivery report, which jumped month-on-month.
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The Chinese electric vehicle company reported deliveries of 14,178 vehicles in November, increasing by 30.3% year-over-year and up from the 10,059 vehicles in October.
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For the year-to-date, NIO said it has now delivered 106,671 vehicles, representing an increase of 31.8% year-over-year.
November’s deliveries consisted of 8,003 premium smart electric SUVs and 6,175 premium smart electric sedans, which included 3,207 ET7s and 2,968 ET5s.
China-made electric vehicles have struggled somewhat this year due to the Covid policy in the country. Manufacturing has been disrupted by continued lockdowns, although there is hope the policy will be easing over the next few weeks. NIO said it will further accelerate production and delivery in December.
NIO shares are down 0.78% premarket following the delivery report.
On Monday, Jefferies analyst Johnson Wan assumed coverage of NIO with a Hold rating, lowering the firm’s price target on the stock to $11.26, down from $42.30. The analyst said in a note to clients that he expects a “challenging year” for Chinese automakers, citing the “honeymoon stage of early NEV adoption” coming to an end.
According to TipRanks, out of 16 analysts, 12 rate NIO at Buy, with four analysts assigning a Hold rating on the stock. The average price target is $20.11, representing a potential 57% upside.
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