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Nio Inc (NYSE:NIO) Gains Confidence After Reporting Solid Numbers

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Chinese electric vehicle manufacturer Nio Inc (NYSE:NIO) has had a tough time for several months now, but things seemed to have turned around for the company. The company’s sales in the month of March rose by more than 100% from the previous month when its production was adversely affected by the coronavirus pandemic.

Solid Deliveries

The company delivered as many as 1533 vehicles in March, which is significantly higher than 707 vehicles it delivered in February. In March 2019, the company’s delivery figures stood at 1373 electric vehicles. It is also interesting to note that NIO also managed to beat its own projections for deliveries in the first quarter.

In the first fiscal quarter, the company delivered a total of 3838 vehicles, which was higher than the average of its projections for the quarter by as much as 9.7%. The Chief Financial Officer of the company, Steven Feng, stated that the coronavirus crisis in China has largely been brought under control.

The company is now working with ‘supply chain partners’ so that production can revert to normalcy soon. It is, without a doubt, a significant development for the company. Investors who are looking to invest in this electric vehicle stock could put this stock into their watch lists. The NIO stock did not have a particularly great time back in March as it crashed by as much as 32.7% amidst a widespread selloff in auto stocks.

Back in March, the company had raised cash by issuing short term convertible notes to the tune of as much as $235 million. That took care of the company’s payroll and other expenses. It was important considering the fact that the company has been in danger of running out of cash even before the pandemic truly arrived.

At the end of 2019, the electric vehicle manufacturer only had $161.7 million in cash. The recovery of its delivery numbers is, however, a positive development. Sign-up for continuing coverage on shares of $NIO stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

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