Zhi Tong Cai Jing·2025-09-11 09:24Core Viewpoint - Goldman Sachs reports that NIO Inc. (09866, NIO.US) has announced a plan to issue $1 billion in shares, including American Depositary Shares and Class A ordinary shares, with a price of $43.36 per Class A share and $5.57 per American Depositary Share [1] Group 1: Financial Details - NIO's new models, including the L90 and ES8, have shown improved competitiveness, with expected delivery volumes increasing to 89,000 and 131,000 units in Q3 and Q4, compared to 42,000 and 72,000 units in Q1 and Q2 [1] - The funds raised from the $1 billion share issuance will be used for automotive technology research and development, expansion of battery swap and charging networks, and strengthening the balance sheet [1] - It is estimated that NIO's R&D expenditure will reach 11 billion RMB in 2025 and 2026, and this capital raise could reduce the debt ratio from 98% to 92% [1]