Bank of America reaffirmed its Buy rating on Nio (NYSE:NIO) and increased its price target for the stock to $16.20, up from $15.40. This decision followed the release of NIO’s monthly delivery figures.

In July, NIO experienced a substantial surge in deliveries, reaching 20.5k units. This marked an impressive 104% growth compared to the previous year and a remarkable 91% increase compared to the previous month. Noteworthy was the significant contribution of the new ES6 model, which achieved over 10k units in deliveries during the same month. Additionally, NIO’s YT model recorded sales of 75k units in July, showcasing a year-over-year growth of 23%.

BofA analysts said in a note that they anticipate NIO’s vehicle deliveries to reach 20-21k per month in August and September due to constraints in auto components. However, they believe that component supply will improve in the fourth quarter of 2023.

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