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Tesla rival Nio’s U.S.-traded shares jumped higher than 15% on Tuesday to a model new all-time extreme after UBS upgraded the stock and dramatically raised the value purpose based on enhancing fundamentals.

“Our earlier urgent concerns spherical stability sheet have been assuaged by worthwhile capital elevating in June, with sturdy world market urge for meals for the EV story and a restoration in China meaning restricted dilution,” analysts led by Paul Gong wrote in a discover to consumers Tuesday.

The company upgraded Nio to neutral from promote, nonetheless stopped wanting placing a purchase order suggestion on the stock, citing the company’s potential wish to enhance additional capital, amongst completely different points.

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