TSLA - NIO's Strong January Deliveries Set For Spectacular 2021

• January deliveries rose 352.1% YoY to 7,225 vehicles, another monthly record.
• Deliveries could crest above 105,000 given monthly growth potential in the back half of the year, pushing revenues up to RMB35 billion.
• With upside to $90 should deliveries near 105,000, NIO would be valued at ~$1.35 million per vehicle, more reasonable relative to peers.
• European expansion could provide extra outlets for growth, although that is still unconfirmed.

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