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Yahoo BusinessAug 12, 2020
Why Nio Has A Shot At Becoming The 'Tesla Of China'
Chinese electric vehicle manufacturer Nio Inc - ADR (NYSE: NIO) reported Tuesday with forecast-beating second-quarter results and issued a strong third-quarter outlook. The Nio Analysts: Piper Sandler analyst Alexander Potter reiterated a Neutral rating on Nio and increased the price target from $4 to $14.BofA Securities analyst Ming Hsun Lee reiterated a Buy rating and increased the price target from $17.40 to $18.Why Nio Shares Could Trade In Line With EV Peers: Nio's narrower-than-expected second-quarter loss is due to a higher gross margin, with the vehicle margin coming in at a historical high of 9.7% and several basis points higher than the 5% guidance, Potter said in a note.More importantly, the company guided to continued gross margin expansion in the third and fourth quarters thanks to lower battery costs, the analyst said.From skepticism concerning the company's ability to remain a going concern, Nio has come a long way from skepticism over whether it could stay in business, he said. The automaker boasts unique products and has a reliance on subsidies, which are two prerequisites for success, Potter said.With Nio raising capital in two funding rounds, including a secondary offering in June, there are no longer fears that the company may go out of business, the analyst said. The stock will therefore trade more in-line with peers, and not at a substantial discount to them, he said. View more earnings on NIOThe company will slowly reduce its reliance on partners for core capabilities such as self-driving systems, batteries a
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