Macquarie Bullish on NIO (NIO) After Strong Volume Growth

Group 1 - NIO Inc. has been upgraded by Macquarie from Neutral to Outperform, with a new price target of $6.10, driven by strong sales performance in Q4 2025 [1] - The company reported a 44% quarter-over-quarter volume increase, with sales exceeding the upper end of the forecast of 125,000 units, primarily due to demand for ES8 and Firefly models [1][2] - NIO's Battery-as-a-Service (BaaS) initiative now accounts for over 80% of sales, which helps mitigate potential battery cost impacts on the balance sheet [2] Group 2 - In November, NIO shipped 36,275 units, a 10% decrease from October's 40,397 units, but year-to-date deliveries are up 45.6% compared to the same period in 2024, totaling 277,893 vehicles [3] - The company is recognized as a leading manufacturer of smart electric vehicles in China, focusing on premium EVs and developing a battery-swapping ecosystem, autonomous driving, and smart connectivity [3] - Macquarie has increased its price targets for NIO in Hong Kong and the U.S. by 15% and raised its fiscal year 2026 volume prediction by 7% to 451,000 units, citing increased demand for the ES8 model as a key driver [2]