EV shares jumped in premarket trading. XPeng, Li Auto, NIO up over 2%; Tesla, Rivian up about 1%.

Tesla stock has gained over 4% for the week. Canaccord raises deliveries estimate to the highest on Wall Street, just days before Tesla reports them, and its stock-price target to just below $500.

Tesla Motors should report quarterly deliveries this week that show a positive break in trend, Canaccord says.

Tesla Inc. investors seem to be increasingly optimistic about what the electric-vehicle giant may say when it reports third-quarter deliveries in the next couple of days, and Canaccord Genuity analyst George Gianarikas just jumped on that bandwagon with a new Wall Street-high outlook.

NIO delivered 34,749 vehicles in September, reaching a new monthly record and representing an increase of 64.1% year-over-year.

The deliveries consisted of 13,728 vehicles from the Company’s premium smart electric vehicle brand NIO, 15,246 vehicles from the Company’s family-oriented smart electric vehicle brand ONVO, and 5,775 vehicles from the Company’s small smart high-end electric car brand FIREFLY.