NIO Inc. (NYSE: NIO) has had a terrible start to 2024 with the stock plummeting by over 35% year-to-date.

On 23/2/24, JP Morgan Chase & Co. downgraded its price target for NIO from $8.50 to $5 a share, citing “weakness to the company’s slow sales in January and investor concern on the company’s sales and earnings momentum in 2024.”

On Friday, the Chinese electric vehicle manufacturer released the latest delivery data for February.

The company delivered a total of 8,132 cars last month, down from 12,157 deliveries in February 2022.

NIO  has delivered 467,781 vehicles in total as of 29/2/24.

The EV maker will announce the latest financial results for Q4 2023 before the US market open on 5/3/24.

Company overview

• Founded: November 2014
• Headquarters: Shanghai, China
• Number of employees: 20,000+ (2023)
• Industry: Automotive
• Key people: William Li (CEO), Lihong Qin (President), Wei Feng (CFO)

Stock reaction

The stock was up by 0.52% at the end of Friday’s session at $5.78 a share.

Stock performance

• 5 day: +7.69%
• 1 month: +4.96%
• 3 months: -18.67%
• Year-to-date: -35.89%
• 1 year: -39.24%

NIO stock price targets

• Mizuho: $15
• Deutsche Bank: $16
• CLSA: $14
• Sanford C. Bernstein: $8
• JP Morgan Chase & Co.: $5
• Citigroup: $19.20
• UBS Group: $15
• Nomura: $7.50
• Barclays: $8
• Morgan Stanley: $12

NIO Inc. is the 1395th largest and 4th largest electric vehicle company in the world with a market cap of $12.09 billion.

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Sources: NIO Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap

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