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NIO shares hit all-time high as investors await NIO Day

NIO shares (NYSE:NIO) broke to all time highs in Friday’s session as investor eagerly awaited the fourth annual ‘NIO Day’ and the unveiling of a new flagship car.

Listed in New York, NIO is China’s answer to Elon Musk’s Tesla with a range of smart and sustainable automotives that use electric batteries.

NIO Day is celebration of the Chinese company’s technology and is akin to Apple’s launch events with investors and media abuzz with the latest unveiling of new products.

2020’s NIO Day comes days after the company released bumper delivery figures that showed a 121% increase in December when compared to a year prior.

NIO delivered 7,007 vehicles in December and a total of 43,728 in 2020 – a 112% increase on 2019.

The growth in delivered vehicles has been reflected in NIO shares which posted strong gains through 2020. Having traded below $4 in January 2020, shares in ‘China’s Tesla’ touched $59 the day before NIO Day 2020.

“2020 has been a challenging year for the whole world. Against this backdrop, NIO has achieved consecutive record-highs along the way, and closed the year on a high note with a remarkable December deliveries of over 7,000 vehicles,” said William Bin Li, founder, chairman, and chief executive officer of NIO.

“These results are attributable to the growing recognition of our premium brand, the competitive and compelling products and services, the expanding sales network, and most importantly, the continuous support from our passionate and loyal user community. The innovative Battery as a Service (BaaS) model has shown popularity among our users since its launch. With the 100kWh battery pack offered as an option, the penetration of BaaS has reached over 40% among new orders in December, demonstrating its competitiveness and acceptance by our users. At the fourth NIO Day scheduled on January 9th, 2021, we will unveil our new sedan model and share the latest development of our autonomous driving and other core technologies. Aspired by the spirit of ‘Always Forward,’ the theme of the upcoming NIO Day, we will continue investing in the smart EV technologies, accelerating our new products development, broadening our sales and service network, and striving for the best holistic experiences for our growing user community in 2021 and beyond.”

NIO’s Chinese company name translates to ‘blue sky coming’ – worth noting with NIO shares trading at all time highs prior to NIO Day.

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