Shares of NIO Limited (NYSE: NIO) traded down 1.49% as it lost -0.41 during the trading session of Tuesday. NIO stock hit an all-time high in 2020. The reason behind this strong performance is the increasing sales of NIO, the higher quality of its products, and its results which surpassed the expectations.

The Chinese auto manufacturer has delivered 4,708 vehicles in September and its deliveries jumped to a record high in the third quarter, reached 12,206. In the first nine months of 2020, its deliveries doubled to 26,375. NIO Limited has gained a competitive edge by providing the customers an opportunity to change diminished batteries for new fully-charged ones at 143 automated battery swapping stations located in 64 cities.

This battery service opportunity helps the drivers in saving time because battering swapping is the same as filling the gas tank of conventional gasoline or diesel-powered car.

Furthermore, the results of NIO in every quarter were very promising and providing good opportunities to the investors. NIO has shared that its Q2 revenue reached 3.72 billion which is more than expectations. It has reported a loss of 1.08 yuan per American depository share (ADS).

One more thing which excited the stocks of NIO is its high-quality vehicles. NIO is involved in the manufacturing of high-quality vehicles that are beating Tesla. NIO has been ranked highest among all brands in the battery vehicle segment. It also surpassed others in its design and manufacturing ability.

NIO Limited (NYSE: NIO) shares were trading down 1.49% at $27.22 at the time of writing on Tuesday. NIO Limited (NYSE: NIO) share price went from a low point around $1.36 to briefly over $29.40 in the past 52 weeks, though shares have since pulled back to $27.22. NIO market cap has remained high, hitting $37.10 billion at the time of writing.

JP Morgan has recently set a new target for NIO stock. JP has set the $40 price target for NIO Limited. NIO is not the only electric car manufacturer in China but there are other competitors including Tesla. But if it continues to increase its manufacturing capabilities, it will lead the market.