NIO Inc ADR

NIO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$1.10	Rnbmx	Jmsmyqfr

Nio Earnings: Vehicle Margins Staged Sequential Recovery but Delivery Guidance Missed

Vincent Sun

Aug 30, 2023

Nio’s second-quarter revenue was at the low end of its guidance. Vehicle margins declined 10.4 percentage points year over year to 6.2% due to product mix change and promotions on older models. In addition, delivery guidance for the third quarter missed market expectations. With lower vehicle margins and rising operating expense ratios assumptions, we increase our net loss forecast for 2023-24 and delay our breakeven year forecast to 2026.

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