NIO Inc ADR

NIO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$4.40	Nkpk	Wkbslqp

Nio Earnings: Revenue and Loss Largely In line, but Vehicle Margin Missed Amid Price Competition

Vincent Sun

Jun 7, 2024

Nio’s first-quarter vehicle margin missed the company’s previous guidance of a low-teens level, despite gaining 4 percentage points year over year to 9% thanks to lower battery cost. With lower vehicle margin and selling price, as well as rising operating expense assumptions, we increase our net loss forecasts for 2024-25 and reduce our fair value estimate to USD 7.70 per ADS (HKD 59.30 per share) from USD 9.10 (HKD 70.10). Our fair value implies a forward 2024 price/sales ratio of 1.8 times.

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