Shutdowns in China have hard-hit Nio, but the electric vehicle is finally ready for a rebound, Morgan Stanley says.
Shutdowns in China have hit Nio hard, but the electric vehicle maker is ready for a rebound which could come as soon as the next 15 days, according to Morgan Stanley. China's Covid lockdowns pummeled the electric automaker in recent months, shutting down production, suppressing vehicle sales, and delaying the launch of new models.
"With gradual reopening in the Yangtze River Delta region as well as the Rmb10k subsidy provided by the Shanghai government to consumers to replace old cars with electric cars, we believe NIO is well positioned to capitalize on such local stimulus programs and resume sales momentum in the upcoming months," wrote analyst Tim Hsiao, noting that Shanghai accounted for more than 15% of the company's 2021 sales. Nio has fallen 47.
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