Citi lowered its price target on NIO to $41.1 from $87 and raised its price targets on BYD, XPeng, and Li Auto, continuing to name NIO and BYD as top picks.
To date, NIO’s battery swap network has completed its previously promised coverage of five vertical and three horizontal highways and four metropolitan areas in China.
The setback regarding the P5 does not affect XPeng’s long-term strategy in Europe, where it is moving to encourage local consumers to pre-order the P7 sedan.
Volkswagen Anhui is moving full speed ahead with production, with pre-production vehicles set to roll off the line this year and mass production in the second half of 2023.