- Goldman Sachs' previous price target for Nio had already been significantly below the current stock price.
- Goldman Sachs believes Nio will replicate this year's product strategy to drive further sales growth.
Goldman Sachs has raised its price target for Nio Inc (NYSE: NIO), believing the Chinese electric vehicle (EV) maker will replicate this year's product strategy to drive further sales growth.
In a research note dated October 30, analyst Tina Hou's team raised Nio's 2026-2030 sales forecasts by 6 percent-11 percent, noting that recently launched models like the Onvo L90 and Nio ES8 have enhanced the company's product competitiveness and driven sustained sales growth over the past quarter.
Nio has stepped up new model pipeline into 2026, planning to launch two new models -- the Onvo L80 and Nio ES9 -- alongside a facelifted Nio ES7, the team noted.
Given their similar competitive enhancements to the Onvo L90 and Nio ES8, Goldman expects these new models to further fuel the current sales growth momentum.
Goldman Sachs raised its Nio price target to $7.0/HK$55.0 from $4.3/HK$33.3, which was significantly below the current share price.
Compared to Nio's closing price of $7.25 in the US last Friday, the target implies about 3 percent downside potential.
"We maintain Neutral rating with limited upside," the team wrote.
Nio closed up 4.21 percent at HK$56.9 in Hong Kong on Monday, buoyed by strong October deliveries.
The company delivered 40,397 vehicles in October, surpassing the 40,000-unit mark for the first time and marking a record high for the third consecutive month, according to data released on November 1.
This represents a 92.59 percent increase from 20,976 units in the same period last year and a 16.25 percent rise from September's 34,749 units.
All three brands under the company's umbrella saw growth in October, particularly the mass-market sub-brand Onvo.
Goldman Sachs now expects Nio to achieve full-year non-GAAP EBITDA breakeven in 2028, previously projected for 2029.
Nio aims to achieve its first quarterly profit on a non-GAAP basis in the fourth quarter of this year.
Nio's robust delivery performance in recent months has been driven primarily by aggressive pricing for the Onvo L90 and Nio ES8. Goldman Sachs anticipates the company will apply similar strategies to its upcoming models.
The team projects sales of the Onvo L80 -- positioned between the L60 and L90 -- will reach 80 percent of the L90's volume, referencing sales comparisons between Li Auto's Li L8 and Li L9.
The refreshed ES7, positioned as a scaled-down and more affordable version of the ES8, is projected to achieve stable monthly sales of 6,000 units, the team said.
The ES9 will replace the ES8 as Nio's flagship SUV, with stable monthly sales projected at 1,000 units, Goldman Sachs said.
