Nio Inc (NYSE:NIO)
Nio Inc (NYSE:NIO), a Chinese manufacturer of electric vehicles, received an Overweight rating and a price target of $16.10 from analysts at Morgan Stanley. This comes after the Nio stock opted to reduce its delivery expectation for the fourth quarter to 38.5K-39.5K units (from 43K-48K). The business claims that the revised projection mostly reflects COVID-led interruptions in delivery and manufacturing and ongoing supply restrictions, which are driven by an increase in COVID instances in key cities.
“Guidance reduction would reduce NIO’s stock performance, but shouldn’t prompt fast sell-off, in our opinion, as the repercussions from China’s openness should be sector-wide and likely transitory,” the analysts said in a note. We anticipate that the market will again concentrate on a rebound rate of in-store traffic and order intake in the next several months.
On December 24, 2022, Nio celebrated the company’s NIO Day with guests. Automobile manufacturers have introduced certain restricted new features, like their third-generation battery swap stations and NIO phones. Additionally, the EC7 and the new ES8 were introduced to the market in an official capacity by the firm. Both models are constructed on NIO’s second-generation platform, which is equipped with the most current electric drive system, AQUILA autonomous driving technology, and a digital cockpit that is also of the second generation.
Two of the five new models Nio intends to launch in 2023 have yet to be made available. During the event, the business also showed off some leaked images of their next NIO Phone, which is expected to be released commercially in the spring of 2023.
In pre-market trading on Wednesday, the price of an NIO stock increased by 1.19%.
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