NIO Inc. ( NIO ) shares are trading marginally higher in the premarket session on Friday.

The company reported Thursday fiscal second-quarter revenue of 17.45 billion yuan ($2.4 billion), up 98.9% year-over-year and 76.1%% from the previous quarter.

Analysts, on average, estimated revenue of $2.44 billion for the quarter.

Excluding share-based compensation expenses, the company reported an adjusted loss per share/ADS of 2.21 yuan or 30 cents compared to a loss of 3.28 yuan in the year-ago quarter and 2.39 yuan in the first quarter of 2024.

Analysts had called for a loss of 31 cents per share. The stock price gained after the print.

Check This Out: NIO Q2 Earnings: EPS Beat, Deliveries Growth, Strong Q3 Outlook And More

JPMorgan analyst Nick Lai upgraded the stock from Neutral to Overweight, raising the price target from $5.3 to $8.

Meanwhile, NIO co-founder and president Qin Lihong recently disclosed that the electric vehicle manufacturer aims to deliver 220,000 vehicles in 2024. This is the first time the company’s management has publicly announced a specific delivery target, reported CnEV Post.

Qin shared this goal during an interview with local automotive media outlet Auto Home at the Chengdu auto show.

NIO announced on Sept. 1 that it delivered 20,176 vehicles in August, marking the fourth consecutive month of deliveries exceeding 20,000 units.

According to Benzinga Pro, NIO stock has lost over 54% in the past year. Investors can gain exposure to the stock via KraneShares Electric Vehicles and Future Mobility Index ETF and Invesco Golden Dragon China ETF ( PGJ ) .

Price Action: NIO shares are trading higher by 1.24% to $4.90 premarket at last check Friday.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.