Nio Stock Is Trading Higher: What's Driving The Action?

NIO Inc NIO shares are rising Wednesday after the EV maker said it's confident it will meet its sales target this year.

What Happened: According to a Bloomberg report, Nio said it's "very confident" that it will double its sales in 2023 and meet its goal of selling 250,000 vehicles. 

Last year, Nio delivered 122,486 vehicles, representing a 34% increase over 2021. In the fourth quarter, the company delivered more than 40,000 vehicles, which was up 60% year-over-year and 26.7% sequentially. 

Nio CFO Steven Feng reportedly told Bloomberg that it will achieve its goals with the help of new models, an expansion of the company’s charging and battery-swap network and autonomous driving technologies. 

At the beginning of March, Nio guided for vehicle deliveries between 31,000 and 33,000 for the first quarter, representing approximate growth of 20.3% to 28.1%. 

Nio shares have trended higher on above-average volume since the start of the week as lithium prices continue to fall in China. 

Related Link: Tesla's China Rival Confident Of Doubling Sales To 250K, Hopes To Break Even Next Year

According to reports, Nio plans to launch its first Nio House in the Netherlands on Thursday, marking the company’s third location in Europe.

NIO Price Action: Nio stock traded down to new 52-week lows last week before accelerating higher in recent days. 

The stock was up 2.7% at $9.52 at time of publication, according to Benzinga Pro.

Photo: courtesy of Nio.