Macquarie Downgrades NIO (NIO) on Weak ONVO Demand and Policy Risks

Group 1 - NIO Inc. has been downgraded by Macquarie from Outperform to Neutral, with a price target reduction of 23% for the Hong Kong listing and 21% for the US listing due to weakening demand for its ONVO brand and the phase-out of government subsidies [1][2] - Analysts noted reduced visibility on China's EV incentives, creating policy risks that may impact sales volumes until 2026, alongside NIO's fourth-quarter delivery guidance of 120,000–125,000 units, which fell short of the expected 150,000 units [2] - US Tiger Securities reaffirmed a Buy rating for NIO, maintaining a price target of $8, citing solid third-quarter performance driven by margin recovery, efficiency, and sustained sales across NIO's brands [3] Group 2 - NIO Inc. is recognized as a significant player in the EV charging infrastructure market, operating over 3,200 Power Swap Stations and numerous fast-charging stations globally, including expansions into international markets like the UAE [4]