Nio: 7 Best EV Stocks Under USD50
Nio has gained popularity for its electric SUVs, including the ES6 and ES8 models, and its innovative battery-swapping technology. It is one of the best EV stocks under USD50.
At a stake value of USD79.322 million, 19 hedge funds held positions in Nio in the first quarter. As of Q1, Davidson Kempner is the top shareholder in the company and has a position worth $18 million.
Nio is showing promising signs of recovery and growth, even though the first half of the year posed challenges. The company's vehicle deliveries have markedly improved, delivering 57,373 vehicles in the quarter ending June 30, which is a significant increase from earlier in the year. This surge in deliveries represents a 144% year-over-year rise and has exceeded management's forecasts.
In May, Nio introduced a new subsidiary brand called Onvo, aimed at the mass market. The first model under this brand, the L60, is a midsize SUV currently in its pre-order phase. Despite deliveries not being expected until Sep 2024, pre-orders for the L60 have been exceptionally strong, surpassing expectations by two to three times.
Nio plans to expand its market presence further with the upcoming release of its Firefly model. This new vehicle is set to be available in China starting in the fourth quarter of 2024, with a price range of RMB 100,000 to 200,000 (1 RMB = US$0.14 as of Aug 7). It will enter the European market in the second quarter of 2025.
The Firefly will complement Nio's recent Onvo launch, targeting the RMB 200,000 to 300,000 range, while its existing models cater to the higher end of the market, above RMB 300,000. This broad range of offerings is a testament to the company's ability to serve various market segments, from value to premium, enhancing its overall market position.
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