Nio

Nio usually holds Nio Day at the end of the year or the beginning of the following year to launch its latest model and technologies. At the Nio Day 2020 on January 9, Nio unveiled its first flagship sedan, the Nio ET7.

The time to charge a 70 kWh battery pack from 20 percent to 90 percent can be reduced by about 10 percent, according to Nio.

"We believe that with the hardware specifications and the company's full-stack R&D capabilities, Nio is on track to reach industry leadership in autonomous driving," CICC said.

Nio, which rose more than 10 times in 2020, has seen its biggest pullback this year at 54%, Xpeng at 62%, and Li Auto at 58%.

Citi's price target implies the bank sees 51% upside for Nio shares, which were closed at $38.62 as of Friday.

Nio delivered 6,711 vehicles in May, up 95.3 percent from a year ago, but down 5.5 percent from April.

Nio said Tuesday it has opened the second line under the plan - a route covering the mountainous regions of southwestern China from Chengdu via China's National Highway 318.

Under the plan, Nio's ultimate goal is to deploy more than 30,000 destination DC charging piles in China.

The establishment of the new company in Hefei will facilitate Nio's local operations, including recruitment and research and development. It is also the latest move by the company to increase its bet in Hefei.

Beyond basic functions, Nio's innovation in its app is probably far underestimated.