What's Going On With Nio Stock?

NIO Inc (NYSE:NIO) shares are trading higher Thursday, adding to gains of more than 16% over the last week. Here's a look at what's been driving the action.

What Happened: Over the weekend, Nio made power station announcements, suggesting the company is ramping up its charging infrastructure efforts.

On Sunday, Nio said it opened its 1,600th power swap station in China and noted that it plans to have 2,300 stations open in the country by the end of the year. The news came just days after the company announced it opened its 1,500th power swap station, suggesting production has ramped up.

At the beginning of the week, Nio got a boost from an analyst update when UBS Analyst Paul Gong maintained Nio with a Neutral rating and raised the price target from $13 to $15.

On Tuesday, Nio announced delivery numbers for July. The company said it delivered 20,462 vehicles last month, representing an 103.6% increase on a year-over-year basis. Cumulative deliveries have now reached 364,579. 

Nio also noted that deliveries of its new ES6 vehicle have been "growing solidly" since its debut in May. The company delivered more than 10,000 ES6 models in July.

See Also: Nikola Has 2 Key Events This Week: Here's A Roadmap For EV Investors To Navigate The Days Ahead

NIO Price Action: Nio shares are now up more than 60% over the last month. The stock was up 7.76% at $15.70 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Nio.