NIO Stock Price: Nio Inc. and the electric vehicle sector start the month on fire

• NYSE: NIO surges 13.90% on Monday as the company reports a tremendous July sales report.
• The electric vehicle sector rises on Nikola analyst upgrade and Workhorse Group news.
• Optimism amongst investors as the July sales report is released ahead of the quarterly earnings call.

The Chinese electric vehicle maker has reported delivering 3,533 vehicles in July – resulting in a whopping year over year growth of 322% from July 2019. Investors rejoiced in the good news, as the stock price climbed 13.90%, closing Monday’s trading session at $13.60 per share. The July sales report provided by Nio Inc. is fortuitous timing ahead of the quarterly earnings call set to take place on August 11th. 

Nio was not the only electric vehicle maker that made headlines to start August off. Beleaguered electric truck maker Nikola (NASDAQ:NKLA) bounced back on the news of an analyst upgrade from Deutsche Bank. The report mentioned that optimism from Nikola's upcoming earnings call could be enough to get investors excited again for the long term. The stock closed Monday’s session up over 21% at $36.49 per share.

Workhorse Group (NASDAQ:WKHS) also received a boost on Monday as Lordstown Motors – a company in which Workhorse owns a 10% stake – announced it would be going public through a reverse merger with DiamondPeak Holdings (NASDAQ:DPHC). Workhorse shares rose by 23% on Monday, finishing at $19.66 per share. 

NIO Stock Forecast

Nio Inc. may have enough momentum now for the proverbial dam to burst ahead of its earnings call next week. If the July sales report is any indication of how the call would go, investors would be wise to try and snatch the stock up now before it continues to rise. Further news indicates that Nio is ready to begin production of its newest car, the EC6 crossover coupe, with pre-orders starting last month.

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