Smart and Sustainable Electric Mobility
Nio's vehicle deliveries in August and September are expected to be 20,000-21,000 units per month due to auto parts constraints, but parts supply will improve in the fourth quarter, BofA said.
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Nio's effective pricing adjustments and more models offered to the market have driven solid sales, BofA said.
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Deutsche Bank expects Xpeng to report mixed results for the second quarter, while the outlook for the third and fourth quarters will show meaningful sequential improvement driven by a strong G6 order book.
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While Li Auto's underlying execution remains strong, Nio, Xpeng will be more compelling growth stories in coming quarters, said Deutsche Bank.
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A solid order backlog and improving production ramp bode well for Nio's ongoing operational recovery and rising sales, Morgan Stanley said.
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Following a price cut and a slew of new models, Nio's sales efficiency has improved materially and should maintain this level of demand for at least the rest of the third quarter, said Edison Yu's team.
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Morgan Stanley raised its price target on Nio to $18.7, on Xpeng to $25.4, and on Li Auto to $53, all keeping their ratings at Overweight.
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Volkswagen's deal with Xpeng could be the first of many strategic partnerships between global automakers and Chinese EV startups, Morgan Stanley said.
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It's another sign that China's auto industry is changing rapidly and becoming hyper competitive, forcing major changes at traditional OEMs, Edison Yu's team said.
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Pacific Securities has a buy rating on Nio's Hong Kong-traded shares, with a target price of HK$103.62, implying an upside of 26.14 percent.
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