Nio Likely to Deliver Stronger Earnings on Sales, Overseas Expansion -- Market Talk

Dow Jones11-29 11:32

0332 GMT - Nio may deliver stronger earnings with a potential upswing in sales from its new Onvo L60 model and accelerating overseas expansion, DBS analyst Rachel Miu writes in a note. The Chinese automaker's Onvo L60 recorded 832 units in sales during its first month, and sales are expected to increase for the remainder of the year, she adds. Additionally, Nio's expansion into the Middle East and North Africa through a joint venture agreement could further boost the company's sales. DBS maintains buy rating for the stock and raises its target price to HK$65 from HK$57. Shares are last at HK$34.30. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

November 28, 2024 22:32 ET (03:32 GMT)

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