Nio Inc. (NIO) is accelerating higher.

In fact, Citigroup analyst Jeff Chung believes the stock can more than double to $87 a share.  He notes recent weakness in NIO was related to the company selling 53.3 million ADRs.  However, with the sale now over, the analyst sees multiple catalysts for upside.

One, NIO Day being held mid-December 2021.

“The event is usually when the automaker introduces new models. That trend should continue this year as the automaker is expected to reveal at least two new models and possibly an entirely new vehicle brand,” says Electrek.

Two, November sales are expected to be solid.

“NIO delivered 3,667 vehicles in October 2021, representing a decrease of 27.5% year-over-year. The vehicle delivery in October was significantly impacted by reduction in production volume as a result of the restructuring and upgrades of manufacturing lines and the preparation of new products introduction from September 28 to October 15, as well as certain supply chain volatilities,” according to the company.

Three, NIO has plans to launch three new models n 2022, including the ET7.  “On Nov. 16, NIO announced that Dolby Atmos will come standard on all NIO ET7s, the smart flagship electric sedan of the company, and combined with the 7.1.4 immersive sound system, bringing the in-car audio experience beyond users’ expectation,” added the company.