American depositary receipts of Nio Inc. (NIO) gained more than 15% on Wednesday after analysts at Goldman Sachs upgraded the ADRs to buy, saying that liquidity risks "that were challenging Nio's financial sustainability in 2019 have started abating." The China-based electric-car maker likely has narrowed its cash burn thanks mostly to "the accumulation of demand strength," the Goldman analysts said. Moreover, the company's year-to-date delivery volume, up 37% on-year between January and April, "has highlighted Chinese consumers' growing recognition of this emerging auto brand." Nio ADRs have gained 35% so far this year, versus losses of 3.6% and 8.6% for the S&P 500 index and the Dow Jones Industrial Average .
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 03, 2020 11:25 ET (15:25 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.