NIO Inc ADR
NIO: XNYS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$4.70 | Vvjc | Cjylpvl |
Nio Earnings: Vehicle Margins Staged Sequential Recovery but Delivery Guidance Missed
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.