Nio

Nio aims to achieve break-even in the fourth quarter of 2023 and its first annual profit in 2024.

Nio expects first quarter deliveries to be 25,000-26,000 units, implying March deliveries of about 9,217-10,217 units.

The first batch of ET7 mass production vehicles rolled off the production line at JAC-Nio manufacturing base in Hefei on March 24, and delivery will begin on March 28.

Since March 16, Nio has accumulated nearly 60 percent gains in Hong Kong.

JAC has introduced a new electric light truck that allows customers to purchase only the body and rent the battery, thereby significantly reducing the cost of ownership.

Nio will unveil the ES7 in April and will deliver it this year. The model is aimed to compete with the BMW X5L.

Deutsche Bank analyst Edison Yu's team lowered their price target on Nio from $70 to $50, maintaining a Buy rating.

The line, which connects Taiyuan and Yuncheng in Shanxi province, covers more than 600 kilometers and is the third Nio has opened under the Power Up Plan this year.

Nio has accumulated about 50 percent gains in Hong Kong since last Wednesday.

Battery maker CATL is one of the largest shareholders of Mirattery, Nio's battery rental service joint venture.