Chinese EV Makers NIO and BYD See Strong March Sales Rebound
TL;DR Summary
Nio reported a 14.3% increase in vehicle deliveries in March 2024, with a notable rebound in SUV sales following the launch of upgraded 2024 models. Morgan Stanley reiterated an Overweight rating and a $10.00 price target for Nio, citing increased weekly orders and enhancements to the Battery as a Service program. Despite meeting first-quarter delivery guidance, the company's quarterly figures declined from the previous year. Nio plans to continue delivering upgraded 2024 models in the second quarter of 2024.
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