Macquarie Downgrades Nio’s Rating to Neutral

Macquarie analyst Eugene Hsiao downgraded Nio from ‘Outperform’ to ‘Neutral,’ while lowering the price target to $5.30 (from $6.70).

“Vehicle margin of 14.7% the highlight of Q3 as Onvo L90 and ES8 contributed to better mix; should rise to ~18% into 4Q25.

• Weak Q4 vol. guidance of 122.5k at the midpoint below prev. guidance of 150k partly due to impact from phase out of govt. subsidies on Onvo demand.
• We cut our HK/US TPs by 23%/21% on slower FY26 market demand and apply a peer average 0.8x FY26E P/S. Downgrade to Neutral.”

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