Nio Inc. (NIO_9866.HK)_ Management meeting takeaways - Major model launches in 2H25, maintaining Onvo L60 momentum the key; Sell

27 December 2024 | 1:18PM CST We visited Nio management in Shanghai on Dec 26, 2024 and discussed the outlook for 2025 in terms of new model pipeline, existing model facelift, sales strategy, production ramp-up, software roadmap, as well as battery swap infrastructure and payable days. We are Sell rated on Nio ADR/H share with TP of US$3.9/HK$30, implying 16%/15% downside. We would turn more positive if: 1) there is stronger government support into 2025 vs. 2024, which could have a positive impact on the co ...