It’s amazing to consider that so many market traders were bearish on Chinese electric vehicle start-up Nio (NYSE:NIO) in late 2019 and early 2020. Even before the onset of Covid-19, NIO stock was unloved — but that was actually a good time to take a position.

Of course, it’s easy to say that with the benefit of hindsight. Still, the company’s turnaround story has been inspiring, to say the least.

As for NIO stock, it has done well over the past year but hasn’t made a strong and sustained upward move in 2021 so far.

In other words, the stock is testing people’s patience. The only way to win that game is to hold one’s shares — or consider adding some, if you like the company’s future prospects.

NIO Stock at a Glance

So, let’s get down to the nitty-gritty. NIO stock started off 2021 at around $53, after a triumphant second half of 2020.

It would be nice to say that the bullish momentum continued after that. However, this hasn’t been the case.

After a rough February and early March, NIO stock was down to $35. Again, investors’ resolve was being tested — and folks who panicked and sold their shares are probably regretting this decision.

There was a share-price recovery, but it didn’t happen immediately. A global semiconductor shortage and the Chinese government’s crackdown on tech-focused companies created some problems along the way.

Nevertheless, NIO stock isn’t out of commission. As of July 20, the stock was close to $44 — and it’s entirely possible that the long-awaited breakout is just around the corner.

A Delivery Double

When it comes to vehicle deliveries, we have to keep things in perspective.

By this, I mean that we should judge Nio’s progress in terms of growth.

The company’s 8,083 vehicle deliveries in June might not sound like much, compared to bigger automakers.

But for a small electric vehicle maker, Nio’s making significant headway.

Those June deliveries represent a whopping 116.1% year-over-year increase, as well as a monthly record for the company. Thus, Nio is literally doubling its deliveries.

And here’s another double: for the three months ending in June 2021, Nio delivered 21,896 vehicles. That represents a 111.9% year-over-year improvement.

With that, let’s establish a running total. As of June 30, 2021, Nio’s cumulative deliveries of the ES8, ES6 and EC6 model vehicles reached 117,597.

Frankly, we’re just not seeing Nio’s incredible growth story reflected in the share price yet. Really, it should just be a matter of time.

Rolling Out, Geographically and Otherwise

So far, we’ve observed Nio’s growth in terms of vehicle deliveries. At the same time, however, the automaker is growing geographically.

Reportedly, the electric vehicle maker is entering into the international market for the first time. It’s an ambitious venture which will take Nio far from its native land.

In particular, Nio has revealed its plans to launch vehicle sales in Norway later this year.

This will begin with sales of the Nio ES8, which is the company’s flagship seven-seater smart electric SUV.

Pre-orders should be available this month, and the first ES8 deliveries in Norway are expected to take place in September 2021.

After that, Nio intends to commence sales of the ET7, a smart sedan, in 2022.

But really, the plan goes beyond the ES8 and ET7 models. Apparently, Nio intends to bring its entire product and service portfolio to Europe.

Not only that, but Nio is planning to build its own super-charger network in Norway.

Additionally, the company claims that it will open a showroom in Oslo, Norway, in the summer. This will be known as “Nio House,” and it will feature restaurants and even a children’s playground.

The Takeaway

There’s no doubt about it: Nio has come a long way since the first quarter of 2020.

In view of the impressive delivery data, one would be hard-pressed to dispute the company’s progress.

So if you’re invested, just remember a principle that continues to apply in 2021: patience can pay off big-time.

On the date of publication, Louis Navellier had a long position in NIO.  Louis Navellier did not have (either directly or indirectly) any other positions in the securities mentioned in this article. The InvestorPlace Research Staff member primarily responsible for this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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