Research Note

Analysts at CMB International believe Nio won't be able to break even in the fourth quarter, citing the difficulty in controlling sales and administrative expenses.

Goldman Sachs' previous price target for Nio had already been significantly below the current stock price.

If achieved, this would mean that ES8 monthly sales could return to historical highs for a considerable period of time.

China's smart NEV market has been dominated by local brands, but global auto brands have caught up, said Deutsche Bank.

About 116,000 vehicles were exported from China to the US in 2024 and were dominated by US-branded models, analysts said.

As Nio's car sales rise, battery swap services are expected to see rapid growth, analysts said.

BYD could become the "Toyota" of the global EV market, said JPMorgan.

A Nio executive quoted the report's authors as saying it was their internal sharing of their recognition of the Nio brand and the battery swap model.

Goldman Sachs raised its EV sales forecast for Xiaomi, citing more favorable demand and manufacturing capacity outlook.

Deutsche Bank forecasts the BYD brand to sell 5.1 million cars in 2025, Denza brand at 250,000 and Fang Cheng Bao at 160,000 cars.