- NIO, a premium EV OEM in China, recorded 3Q24 sales volume of 61.8k +12% y-o-y, in line with the company’s 61-63k sales target. It’s latest model, the ONVO L60 (ASP: RMB209.9k/Rmb149.9k with battery monthly subscription plans), recorded 832 units in sales during the first month.
3Q24 sales volume in line; ONVO L60 starts ramping up.
- - Read this at SGinvestors.io -
- Based on 9M24 deliveries (~150k units; +36% y-o-y), we estimate NIO’s sales volume would reach 224k (+40% y-o-y) in FY24, implying 25k monthly sales in 4Q24.
Better financial position after receiving strategic investment.
- - Read this at SGinvestors.io -
Expanding global footprints.
- NIO announced collaborations with CYVN Holdings (NIO’s strategic investor) in early Oct 24, including to build an R&D centre in Abu Dhabi and expand salespoints into the Middle East and North Africa region through a JV arrangement. This should broaden NIO’s overseas reach and mitigate the export tariff impact (currently only a tiny portion of its business in Europe).
- As of Sep, NIO has 45 service centres and 56 swapping stations in Europe.
Maintain BUY; raise target prices to HKD65/US$8 (previously HKD57/US$7.3)
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Rachel Miu DBS Group Research | https://www.dbs.com/insightsdirect/ 2024-10-17
Previous report by DBS:
2024-09-10 NIO Inc - Banking On New Brand 'ONVO L60' To Drive Growth.
Price targets by other brokers at NIO Target Prices.
Listing of research reports at NIO Analyst Reports.
Relevant links:
NIO Share Price History,
NIO Announcements,
NIO Dividends & Corporate Actions,
NIO News Articles
