City and Nio have found mutual understanding
2023.01.10 07:40
City and Nio have found mutual understanding
By Tiffany Smith
Budrigannews.com – On Nio (NYSE:), Citi Research reiterated its Buy rating. after holding a business update call on January 9 with the maker of electric vehicles, with a target price of $23.30.
During the call, management demonstrated their belief that the introduction of five new models would result in sales doubling year over year in 2023.
For the first half of that year, sales are anticipated to be between 80 and 90 thousand, while for the second half of that year, sales are anticipated to be between 150 thousand and 160 thousand.
In 2023, Nio management anticipates a 30% YoY increase in NEV sales in China. Nio anticipates a possible decrease in raw material costs in addition to the five upcoming models. On the negative side, COVID’s impact appears to be gradually diminishing.
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In January, the NEV industry was hit hard by cuts to subsidies and a Tesla (NASDAQ:) price cut and the effect of COVID. After the CNY holidays, management anticipates that NEV sales will gradually resume normalcy in March and May as the COVID impact lessens and the weather warms.
On Tuesday, NIO shares are up 0.37 percent in pre-market trading.
