Shares of NIO Limited (NYSE: NIO) traded up 10.85% on Tuesday after a Wall Street analyst revealed that it seems like the company could become the next iconic brand at least in China. Earlier, analyst Edison Yu at Deutsche Bank has initiated coverage of NIO Limited on September 8, 2020. Edison Yu has set the price target of $24.

Yu revealed that customers are perceiving NIO as a high-quality premium brand. Customers perceived that this company has best-in-class technology and service. The average customer referral rate of NIO Limited has increased from 52% in 2019 to 62% in the first half of 2020.

Edison Yu said that the favorability of NIO among customers is higher than both Mercedes-Benz and BMW and the Chinese EV maker is considered to be one of the most reliable battery EVs across all segments and also moving forward than Tesla Inc.

NIO Limited has recently shown EV models, including the EP9, an electric supercar introduced in 2016; the ES8, its six-seater flagship premium EV model; and the recently introduced EC6 SUV at Beijing International Exhibition 2020. The company also has revealed three types of chargers, NIO Innovations, and patents, Power Swap Station, and NIO Life.

NIO Limited (NYSE: NIO) shares went up 10.85% during the trading session on Tuesday. NIO Limited share price went from a low point around $1.19 to briefly over $21.05 in the past 52 weeks, though shares have since pulled back to $20.85. It has moved up 1652.10% from its 52-weeks low and moved down -0.95% from its 52-weeks high. NIO Limites market cap has remained high, hitting $27.67 Billion at the time of writing.

NIO Limited is also planning to introduce Navigate on Pilot feature which automatically guides the car on ring roads and highways. The company has revealed 20 new features and function optimizations, including camera-based driver drowsiness detection, remote seat ventilation, and 5.1 immersive surround sound mode.