NIO Inc. (NYSE:NIO) was recently mentioned by Jim Cramer, who speculated the stock could drop to $10. However, the company saw a 10.8% increase in its stock price following the announcement of a new vehicle launch.

NIO Inc. reported a significant increase in vehicle deliveries, with 34,749 vehicles delivered in September, up 64.1% year-over-year. The company also achieved a new quarterly delivery record of 87,071 vehicles, marking a 41% year-over-year increase.

Despite the positive delivery numbers, Cramer expressed skepticism about NIO as an investment, suggesting there are better opportunities in the market with higher upside potential and lower risk, particularly in the AI sector.

For more insights on potential investment opportunities, check out Insider Monkey’s reports on 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Read more at Yahoo Finance: Jim Cramer Says NIO “Probably Goes to $10, Then You Have to Sell It”