Written by Cláudio Afonso | [email protected] | LinkedIn | X
The electric vehicle manufacturer Nio announced Monday the delivery of 11,866 vehicles in March 2024, marking a 14.3% increase compared to the previous year. Of the deliveries, 6,737 were SUVs and 5,129 were sedans.
March saw a notable rebound in SUV sales for Nio, following a consecutive decline since July 2023 when SUV deliveries peaked at 14,066 units. As the company initiated deliveries of the upgraded 2024 versions of SUVs ES8, ES6, EC7, and EC6 in March, customer demand naturally surged. This momentum is expected to continue, contributing to a sustained rebound in SUV sales throughout April.
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Morgan Stanley analyst Tim Hsiao reiterated an Overweight rating and a $10.00 price target emphasizing the increase in weekly orders on the second half of the month that followed enhancements made to Nio‘s Battery as a Service (BaaS) program. The price target implies an upside potential of over 115% based on Monday’s closing price of $4.64 per share.
During the first quarter, Nio delivered a total of 30,053 units, meeting the company’s guidance despite a recent adjustment from 31,000-33,000 units to 30,000 units.
With deliveries for the first quarter of the year lower than 31,041 units, the company missed to continue the momentum and saw the quarterly figures declining from the first quarter of 2023.
In March, Nio began delivering its 2024 models including the ES8, ES6, EC7, EC6, and ET5 Touring. These 2024 models feature upgraded configurations and performance, particularly highlighted by the enhanced Center Computing Cluster, which bolsters computing power and product competitiveness. The company plans to commence deliveries of the 2024 ES7 (EL7), ET7, and ET5 in the second quarter of 2024.
Written by Cláudio Afonso | [email protected] | LinkedIn | X
