China EV Sales Rise on Government Subsidies, Inventory Buildup
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 02 2024
0mins
Source: WSJ
Sales Growth in Chinese EV Market: Chinese electric vehicle manufacturers experienced increased sales and deliveries in August, driven by Beijing's enhanced car trade-in program and preparations for the upcoming peak season.
BYD's Performance: BYD reported a significant sales increase of 36% year-on-year, selling 373,083 units in August, largely due to rising demand for upgraded hybrid technology models.
Analyst Views on NIO
Wall Street analysts forecast NIO stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for NIO is 5.90 USD with a low forecast of 4.00 USD and a high forecast of 7.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
7 Analyst Rating
2 Buy
4 Hold
1 Sell
Hold
Current: 4.770
Low
4.00
Averages
5.90
High
7.00
Current: 4.770
Low
4.00
Averages
5.90
High
7.00
About NIO
NIO Inc is a holding company mainly engaged in the design, development, manufacturing and sales of smart electric vehicles. The Company offers premium smart electric vehicles under the NIO brand, family-oriented smart electric vehicles through the ONVO brand, and small smart high-end electric cars with the FIREFLY brand. The Company focuses on building in-house capabilities including battery swapping, assisted and intelligent driving, digital technologies, electric powertrain and battery, vehicle engineering and design, among others, to control the design and development of the vehicle software and hardware architecture and the critical components.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
