Shares of NIO Inc. (NIO, Financial) experienced a significant surge in Hong Kong, climbing nearly 10%. The American Depositary Receipts (ADRs) for NIO continued to rise in pre-market trading in the U.S., showing a 1.55% increase. Over the past two days, NIO's stocks have cumulatively risen by more than 16%.
Macquarie's latest research report has revised the target price for NIO's ADRs from $5 to $6.6. The firm anticipates that NIO will provide better-than-expected guidance during its third-quarter earnings announcement. They have also made slight adjustments to their sales estimates for the company.
As of late October, NIO has established 2,601 battery swap stations nationwide, marking a significant expansion in its infrastructure.
