Written by Cláudio Afonso | info@claudio-afonso.com
NIO announced on April 10, that will rise its prices from May 10th due to “the continued sharp increase in global raw material prices this year”. The company follows other EV makers including Tesla that have been increasing the price of its models during the last weeks. NIO’s ES8, ES6 and EC6 models will increase ￥10,000 while the starting price of ET7/ET5 remains unchanged.
The specific adjustment plan is as follows：
- In terms of car prices, the starting price of ES8, ES6 and EC6 models has been increased by ￥10,000; the starting price of ET7/ET5 remains unchanged.
- In terms of BaaS battery rental prices, the service fee for renting batteries for long-life battery packs has been adjusted from 1,480 yuan/month to 1,680 yuan/month; the service fee for renting batteries for standard battery packs has remained unchanged, but it is still 980 yuan/month. Users who have purchased a car are not affected by this adjustment.
- The price of flexibly upgrading the battery pack to a long-life battery pack on an annual basis is adjusted to 9,800 yuan/year; the price of flexibly upgrading on a monthly basis remains the same, but it is still 880 yuan.
- For users who pay ES8, ES6, EC6, ET7 deposits or ET5 reservations before May 9, 2022 (inclusive), the purchase price of cars and battery rentals will not be affected by this adjustment.
The company announced on Saturday (April 9) the suspension of the vehicles production due to Covid-19. NIO’s supply chain partners in Jilin (Shanghai) stopped production forcing the company to suspend the production of its vehicles. “Since March, due to the epidemic, the company’s supply chain partners in Jilin, Shanghai, Jiangsu and other places have stopped production one after another, and have not yet resumed. Affected by this, NIO vehicle production has been suspended.” — the company said.
On Friday, Daiwa Capital Markets analyst reiterated NIO’s price target of $72 and a Buy rating implying an upside potential of 253.62% based on the last closing price of $20.36. The analyst forecasts that the EV maker will rise its sales volume by 59% in 2022. On January 2021, two weeks after NIO shares hit its all-time-high at $66.99, Daiwa Securities reiterated its Buy rating on NIO shares in with a $100 price target. The Group was one of the first ever to give a three digit price target on NIO shares.
On Friday, NIO’s Shanghai Manager, 庆华, wrote on NIO App regarding the Covid-19 situation in China and how it is affecting the company. “The closure time of the epidemic in Shanghai has exceeded most of our expectations” — he started to say. “At present, almost all of the 1,240 employees of the Shanghai company are also confined to home, unable to respond to the service needs of users and friends in a timely manner, and apologize to users and friends.” — NIO’s Shanghai General Manager said.
NIO announced on Monday that held the the ceremony for the completion of NIO’s Vehicle Pilot Center on March 16 with the first vehicle from NeoPark in Hefei rolling off the production line. NeoPark is a hub for hundreds of key supporting enterprises with an annual production capacity of 1 million vehicles and 100 GWh battery. NeoPark is expected to realize a gross yearly output of RMB 500 billion ($78 Billion USD).
Written by Cláudio Afonso | info@claudio-afonso.com