BofA on NIO (NIO): 'Solid new model pipeline in 2025; self-developed AD chip'
BofA Securities analyst Ming Hsun Lee reiterated a Neutral rating and $6.00 price target on NIO (NYSE: NIO).
The analyst comments "For NIO brand, the company plans to unveil ET9 during NIO Day in Dec 2024, and start delivery of ET9 in March 2025. ONVO will introduce two new family SUVs in 2025, one large-sized 6-/7-seater SUV in 3Q25 (benchmarking Li L8), and one large-sized 5-seater SUV (benchmarking Li L7) in 4Q25. For Firefly brand, the first model will debut during NIO Day in Dec 2024 and start delivery in 2Q25. On the self-developed autonomous driving chip, management stated that NIO has successfully taped-out the Shenji NX9031 chip and will continue to boost mass production. NIO will firstly replace the four Orin chips with Shenji NX9031 chip for all NIO brands vehicles, which will reduce costs by RMB10k and improve GPM by around 3%."
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Shares of NIO closed at $4.65 yesterday.