NIO’s CFO: “By end of 2022, double YoY Sales Growth is a very conservative expectation already.” – expecting +185,000 units for this year

After the price target upgrade, Credit Suisse released now a note with the transcript version of the conference call they had with NIO’s CFO, Mr. Wei Feng.

New products in 2022 includes ET7 executive sedan in March, and the ET5 sedan in September. NIO had received very positive feedback for ET5 sedan, which make NIO’s management very confident think that ET5 has good reason to be the first model with >10,000 units sales per month.


On the note, Credit Suisse enhanced that “NIO will speed up its new products launch schedule after one-year no new product in 2021. We expected NIO to launch 3 new products in 2022 – ET5 Sedan, ET7 Sedan and ES7 SUV, which is followed by another three SUV products in 2023 (new generation ES6 and ES8 and ES5 compact size SUV.”

Q: You had guided very, very strong sales growth in 2022. Can we assume > 100% YoY growth from 20 2022 and onward?

A: Let us imagine the end-2022 sales performance. On one hand, ET5 sedan ramp up to stable monthly volume, which hopefully delivers monthly sales volume of 10,000 units. And NIO still have five other models (ES6, EC6, ES8, ET7 and ES7). It’s reasonable to expect >100% YoY growth. Thus at the end of the 2022, double YoY sales growth is a very conservative expectation already.


Regarding the possibility of any delay problems for the new models, NIO’s CFO highlighted the close relationships between NIO and their partners. Nvidia and Innuvision were naturally also affected by Chip Shortage problems during last year although Mr. Wei Feng clarified that ET7 Model will be delivered on March 28th, as scheduled.

Q: Can you comment on potential for delay of ET7?

A: “Firstly, as declared in NIO day, NIO will deliver ET7 sedan on March 28. Thus, NIO will surely deliver ET7 without any delay. Secondly, back to rumors of potential delay, let me show some color. The Lidar provider – Innuvision did face a lot of challenges, but NIO offers very strong support to Innuvision. Thanks to this close cooperation between NIO and Innuvision, they are able to solve the problem or challenges. So what you have heard on the market had been noticed by NIO long-time ago. What you don’t know (after you heard rumor) is NIO gave full support and very strong support to help innovation to solve this problem already. For the Nvidia chip, NIO works very closely with Nividia and NIO is the first customer to test Orin chip from Nvidia. So nobody is working more closer than NIO on Nivida Orin chip. So basically no delay.”


Mr. Wei Feng has served as their Chief Financial Officer since November 2019. Prior to joining the company, Mr. Feng served as managing director and head of the auto and auto parts research team at China International Capital Corporation. Prior to that, Mr. Feng served as an industry analyst at Everbright Securities Co. Ltd. from 2010 to 2013. Mr. Feng’s career also includes more than five years’ working experience within the ZF (China) Investment Co., Ltd. where he participated in numerous corporate matters.

Check the full interview here