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Nio has a shot at earning 'Tesla of China' moniker after solid quarter, cash infusion, Piper Sandler says (NIO)

Nio has a shot at earning 'Tesla of China' moniker after solid quarter, cash infusion, Piper Sandler says (NIO)
Ng Han Guan/Associated Press



Electric-vehicle maker Nio "has a shot at earning the 'Tesla of China' moniker," Alexander Potter of Piper Sandler wrote in a Tuesday note.A 




Piper Sandler said Nio may live up to the name following solid quarterly earnings. The firm also boosted its price target on shares to $14 from $4.A 




"There is a lot of hype surrounding EV startups lately, and since none of these newly-emerging companies (except Tesla) can match NIO's track record, we think it's possible NIO deserves more airtime than it's getting," Potter wrote.




Watch Nio trade live on Markets Insider.A 




Read more on Business Insider.A 




Although Nio has already been called the "Tesla of China," it may actually have a chance at the title, according to Piper Sandler.A 
"With a fortified balance sheet and a well-established brand, we think NIO has a shot at earning the 'Tesla of China' moniker," Alexander Potter wrote in a Tuesday note.A 
The commentary on Nio came after the company reported solid quarterly earnings on Tuesday, beating Wall Street's expectations and posting a positive gross margin for the first time ever. In addition, Nio nearly tripled its quarterly vehicle sales on the year.A 
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