Shares of Chinese electric-vehicle maker NIO (NYSE:NIO) were trading higher on Tuesday, after a Wall Street analyst said that a recent job listing suggests that NIO is planning to enter the U.S. market at some point.
As of 1:45 p.m. EST, NIO's American depositary shares were up about 4.8% from Monday's closing price.
In a note released late on Monday, Deutsche Bank analyst Edison Yu wrote that a recent NIO job posting on LinkedIn suggests that its "global ambitions are growing." The posting, which has since closed, was seeking to hire someone to "formulate an action plan to enter the U.S. market," among other duties.
That's not necessarily bullish. Yu feels that a U.S. entry would be a "very tough endeavor" for NIO given the current geopolitical backdrop. He currently assumes no U.S. sales in his 2025 forecast for the automaker. But he did note that the company has already committed to launching in Europe this year, and that other LinkedIn job posts hint that Norway is likely to be NIO's first European market.
Rival Xpeng (NYSE:XPEV) began selling its G3 electric SUV in Norway in December.
Yu maintained his previous buy rating and $70 price target on NIO's shares.
NIO will report its fourth-quarter and full-year 2020 earnings after the U.S. markets close on Monday, March 1. Auto investors should note that NIO's conference call will happen in the evening, at 8 p.m. EST, or (if in China) at 9 a.m Beijing time on Tuesday, March 2.