Nio Stock Continues To Climb: What's Going On?

NIO Inc NIO shares are trading higher Monday, adding to gains of more than 25% over the last week. UBS increased its price target on the stock as the company continues to ramp up its charging station rollout. 

What To Know: UBS analyst Paul Gong maintained Nio with a Neutral rating on Monday and raised the price target from $13 to $15.

Over the weekend, Nio made power station announcements that suggest the company is ramping up its charging infrastructure efforts.

On Sunday, Nio said it opened its 1,600th power swap station in China and noted that it plans to have 2,300 stations open in the country by the end of the year. 

The news comes just days after the company announced that it opened its 1,500th power swap station, suggesting production has ramped up. Nio previously said it believes more power swap stations will lead to increased revenue. Last month, the company said it would no longer provide free battery swapping services to new buyers moving forward.

Last week, Nio shares surged alongside several Chinese names after China announced broad measures aimed at optimizing its business environment.

China's National Development and Reform Commission (NDRC) issued a statement last Monday which included pledges to boost private investments in transportation and clean energy, among other areas.

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NIO Price Action: Nio shares were up 1.9% at $15.03 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Nio.