UBS took a wait-and-see position on Nio
2023.01.12 07:31
UBS took a wait-and-see position on Nio
By Tiffany Smith
Budrigannews.com – On Nio Inc. (NYSE:), UBS reiterated its Neutral rating and $13.00 price target. after attending the UBS 2023 Greater China Conference, where management discussed recent operations.
The electric vehicle company intends to sell 250 thousand units, of which 80 to 90 thousand will be delivered in 23H1 and 160 thousand in 23H2. Nio will launch their NT2.0-based ES6 and EC6 models in Q2, and all five 2023 models will begin delivery by 23Q2. The automaker’s EC7 model will begin delivery in May, and the ES8 model will begin delivery in June.
“Management expects 23Q1 volume to record a slight decline sequentially, and forecasts retail demand to recover by March amid improving travel demand,” the UBS analysts wrote in a note.
The delivery of NT2.0-based EC7 and ES8 is scheduled to begin in May and June, and the launch of NT2.0-based ES6 and EC6 as well as a new model is scheduled for 23Q2. Nio anticipates gaining market share with all five 2023 models beginning shipping in the second quarter.
Thursday morning in pre-market trading, shares of NIO are down 0.09%.
