- Nio, known as the Tesla of China, debuted for trading in the US on Wednesday.
- Shares surged 75% Thursday, despite Bernstein analyst Robin Zhu giving shares an “underperform” rating.
- Nio’s current $US12 billion market cap could double in five years, according to Evercore ISI.
- Watch Nio trade in real time here.
Nio, known as the Tesla of China, could be worth double its current valuation in five years, according to analysts from Evercore ISI.
And while shares fell 10% in their first day of trading, they soared 75% on Thursday – despite Bernstein analyst Robin Zhu assigning an “underperform” rating and saying he thanks a capital raise is coming in the next 12 to 18 months.
The research team says China could have 4 million electric vehicles in 2023 with Nio will likely grabbing around 13% of total market share and 42% of mid- and premium- electric vehicles. And the Tesla of China’s current $US12 billion valuation could double by that time.
- Morgan Stanley says industrial companies will dominate the market going forward – here are the 8 stocks they love the most
- A fund manager who’s crushing nearly all of her peers breaks down 3 under-the-radar stocks driving her strong performance
- A Wall Street expert dispels a huge myth about the $US5 trillion ETF market – and explains why tech employees are the big winners of the industry’s explosion
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.