Nio's U.S.-listed shares surged 36% in August, beating Tesla, BYD and XPeng, after record deliveries of 31,305 units, up 55% YoY. Sub-brands Onvo and Firefly led the rally, with Onvo's new L90 SUV crossing 10k units in its first month. JPMorgan upgraded Nio to 'Overweight' with an $8 target, citing strong launches and 50% delivery growth expected in 2025. Retail sentiment remains bullish.