Nio Inc – ADR (NYSE:NIO) shares are trading higher by 3% at $42.13 Friday, potentially in sympathy with Tesla shares, and after the EV maker earlier this week provided a May 2021 delivery update.
Citigroup upgraded the stock from Neutral to Buy on Tuesday and raised its price target from $57.60 to $58.30.
See Also: Nio Beings Prepping For Nio Day 2021
Nio operates in China’s premium electric vehicle market. Nio designs and jointly manufactures, and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving and artificial intelligence.
Nio sells vehicles through its own sales network, including Nio Houses, Nio Spaces and their mobile application. The majority of the revenue is earned from selling vehicles.
