At this point, we wouldn’t be shocked to see Nio Inc. (NIO) at $40.

Since bottoming out in May 2020 around $3.20, the EV stock is up to $28.81.

Analysts at Citigroup say buy, boosting their price target by just over 82% to $33.20 from $18.10.  The firm believes NIO has a “very strong” order backlog, lower battery cost, and “policy tailwind related to exports,” as noted by MarketWatch.

“We estimate Nio’s accumulated order backlog (after deducting weekly shipments) to have increased by 100% to 7k units between now and end-Sep, implying a 1.5-1.8 month level.  As such, we believe margin visibility has improved dramatically.”

Helping, the company is still seeing respectable delivery numbers.

In September 2020, the company said it delivered 4,708 vehicles – a growth rate of just over 133% year over year.  It sold 3,210 ES6, 1,482 ES8, and 16 EC6 model vehicles.  NIO delivered 12,206 vehicles in the third quarter of 2020, representing an increase of 154.3% year-over-year and exceeding the higher end of the Company’s quarterly guidance.

As of September 30, 2020, cumulative deliveries of the ES8, ES6 and EC6 reached 58,288 vehicles, of which 26,375 were delivered in 2020, according to the company.

For August 2020, NIO completed 3,965 – a year over year increase of just over 104%.  That’s also a 12.2% jump month over month.  Cumulative deliveries, says the company, are up to 21,667 for the year, an increase of nearly 110% year over year, as well.

For July 2020, the company quadrupled its EV sales.  In fact, sales were up 322% to 3,533 vehicles – its second best month ever.

For June 2020, the company sold 3,740 EVs for the month, up 179% year over year.  “In June, we achieved a historical high of monthly deliveries, contributing to our best quarterly performance. We appreciate the continuous support from our growing and loyal user community,” William Bin Li, Nio’s chairman and CEO, said.