Nio Expected To Gross 5% More EV Deliveries In 2021 Than Previous Forecast, Says CICC

China International Capital Corporation Limited has updated its forecast for Nio Inc (NYSE: NIO), saying it expects the  Chinese electric vehicle maker to sell 98,000 cars in 2021, 5% more than its previous estimate, as per a cnEVpost report.

What Happened: The China-based investment bank estimates Nio’s production and sales to remain strong in the second half of the year. 

Nio delivered 21,896 units in the second quarter, near the upper end of the company's 21,000- to 22,000-unit delivery guidance, in line with market expectations.

See Also: Warren Buffett-Backed BYD Sees EV Sales More Than Double In June, Outdoes Rival Nio By 148%

The investment bank also raised the sales volume forecast for rival Li Auto (NASDAQ: Li) to 90,000 units, an increase of 12.5%.

Li Auto’s second-quarter deliveries soared 166% to 17,575 vehicles compared with a year ago.

Price Action: Nio shares closed 0.98% lower at $50.40 on Friday, while Li Auto stock closed 5.8% lower at $32.67.

Read Next: Is Nio Rally Over For Now?

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Photo: Courtesy of Nio