12:50 PM EDT, 04/08/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We revise our target price to USD3 (from USD5), 0.5x 2025 P/revenue multiple (five-year mean: 4x), reflecting our cautious view on vehicle sales and projected longer break-even time. 2024 revenue of CNY65.7 bln (+18% year-over-year, despite +39% vehicles delivered due to lower average selling prices) was within estimates and loss per ADS (LPADS) of CNY9.92 (vs. LPADS of CNY10.87 in 2023) was weaker than expected. NIO's guidance of 41,000 to 43,000 delivery units for Q1 2025 is within expectations, supported by new mass-market models under the ONVO and Firefly brands. Nevertheless, we expect NIO to be loss-making in 2025-2026 on higher research and development spend (mainly for battery swapping station, autonomous driving, and the development of mass market cars) and start-up costs for the business' expansion in Europe. We lower our 2025 LPADS forecast to -CNY8.33 (from -CNY7.81) and initiate a 2026 LPADS of -CNY4.66.