JPMorgan raised on Thursday its price target on Nio as it increased delivery forecasts for 2026 and 2027.
The bank had downgraded the shares of the Shanghai-headquartered EV maker in February, when analyst Nick Lai cut Nio to ‘Neutral’ from ‘Overweight’ and reduced the target to $4.70 from $7.00.
JPMorgan later trimmed the target again to $4.10 before Thursday’s lift to $4.80.
In the February note — in a note obtained by PriceTarget — the analyst said the firm expected Nio to deliver 334,000 vehicles this year. The figures would represent a 50% from 2024.
However, Nio delivered 135,167 vehicles in the first seven months of 2025 — only up 25.2% year over year.
Despite the increase, the figures still trail the management’s target of doubling deliveries to about 440,000 units in 2025.
The company has recently faced production ramp-up issues with the L90 and with the Firefly model, while preparing to launch the ES8 late next month and the five-seat L80 SUV in the fourth quarter.
JPMorgan’s case for improvement in the second half leans on product cadence of Onvo’s new SUVs.
Nio‘s management said in the previous earnings call that it aims for the three models — the L60, L80, and L90 — to reach 25,000 monthly deliveries in the final quarter of the year, which would amount to 75,000 Onvo vehicles for the quarter.
Adding the same target for the Nio brand, plus Firefly vehicles, which have no public sales target, would take total deliveries to over 300,000 units for the period.
The brand’s large L90 SUV was launched on July 31 and began deliveries on August 1 across more than 40 cities.
The L80, the five seat version of the L90, is slated to launch in the fourth quarter, according to founder and CEO William Li.
The L80 is a five-seat space champion based on a native electric architecture, set to officially launch in the fourth quarter of 2025, Eric Yu, Nio’s AVP and Onvo product head, said on Weibo last June.
The second quarter portfolio update showed this week that JPMorgan increased its stake in Nio during the second quarter, buying more than 4.4 million shares between April and June, taking its holdings to the highest level since the fourth quarter of 2022.
Shares of Chinese electric vehicle maker fell 8.96% on Tuesday to $4.47, erasing gains from the previous four sessions.
In a new research note, Morgan Stanley linked the decline to production concerns over Onvo’s new L90 model and fears of a potential capital raise.
Analyst Tim Hsiao cited “concerns over L90 production ramp-up and delivery” as the primary driver, adding that the brokerage’s checks suggested the worry may be overdone.
