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2022-09-14

$NIO Inc.(NIO)$39

2022-07-21

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Nio Might Be Reaching the End of the Tunnel. Here’s Why

2022-06-30

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NIO: Questions And Challenges To The Grizzly Short-Seller Report

2022-06-29

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2022-06-26

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EV Stocks Climbed in Morning Trading

2022-06-24

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Here’s Why Nio Stock is Trending Higher

2022-06-21

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Better EV Stock to Buy: Rivian vs. Nio

2022-06-08

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NIO's Earnings Are Coming, Expect Volatile Trading

2022-06-06

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Shares of Chinese EV Makers Jump Premarket on Stronger Sales, Outlook

2022-06-01

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2022-05-28

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Why Citi Says It’s Finally Time to Start Buying Stocks

2022-05-03

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2022-04-13

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NIO: Don't Buy Into The Fear, NIO Is An EV Pioneer

2022-04-08

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2022-04-04

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Ignore NIO Stock’s Minor Bumps and Hold On as EV Maker Goes Full Growth

2022-04-01

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China Weighs Giving U.S. Full Access to Audits of Most Firms

2021-07-27

Buy the dip

EV Stocks dipped in Tuesday morning trading

2021-07-09

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2021-06-30

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Sunrun Stock Forecast: The Outlook Is Improving

2021-06-30

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href=\"https://ttm.financial/S/NIO\">$NIO Inc.(NIO)$</a>39","listText":"<a href=\"https://ttm.financial/S/NIO\">$NIO Inc.(NIO)$</a>39","text":"$NIO Inc.(NIO)$39","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9935557501","isVote":1,"tweetType":1,"viewCount":336,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9074507937,"gmtCreate":1658369019130,"gmtModify":1676536148823,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9074507937","repostId":"1125300989","repostType":2,"repost":{"id":"1125300989","pubTimestamp":1658365394,"share":"https://ttm.financial/m/news/1125300989?lang=&edition=fundamental","pubTime":"2022-07-21 09:03","market":"hk","language":"en","title":"Nio Might Be Reaching the End of the Tunnel. Here’s Why","url":"https://stock-news.laohu8.com/highlight/detail?id=1125300989","media":"TipRanks","summary":"Story HighlightsNio shares have revived fromits52-week lows of $11.67 and have been trending higher ","content":"<div>\n<p>Story HighlightsNio shares have revived fromits52-week lows of $11.67 and have been trending higher with some volatility. Let’s take a look at what’s driving the stock price movements.Shares of ...</p>\n\n<a href=\"https://www.tipranks.com/news/article/nio-might-be-reaching-the-end-of-the-tunnel-heres-why/\">Web Link</a>\n\n</div>\n","source":"lsy1606183248679","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nio Might Be Reaching the End of the Tunnel. Here’s Why</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNio Might Be Reaching the End of the Tunnel. Here’s Why\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-21 09:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.tipranks.com/news/article/nio-might-be-reaching-the-end-of-the-tunnel-heres-why/><strong>TipRanks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Story HighlightsNio shares have revived fromits52-week lows of $11.67 and have been trending higher with some volatility. Let’s take a look at what’s driving the stock price movements.Shares of ...</p>\n\n<a href=\"https://www.tipranks.com/news/article/nio-might-be-reaching-the-end-of-the-tunnel-heres-why/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO.SI":"蔚来","NIO":"蔚来","09866":"蔚来-SW"},"source_url":"https://www.tipranks.com/news/article/nio-might-be-reaching-the-end-of-the-tunnel-heres-why/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125300989","content_text":"Story HighlightsNio shares have revived fromits52-week lows of $11.67 and have been trending higher with some volatility. Let’s take a look at what’s driving the stock price movements.Shares of electric vehicle (EV) manufacturer Nio (NIO) have recently been on a roller coaster ride. On one hand, growth in deliveries is pushing up the stock; on the other hand, the global recession is punching down on the stock.Though shares now trade at a third of their all-time highs of $60, as seen early last year, they have recovered in the past two months from their 52-week lows of $11.67 and are now trading at around $20.The Good News for NIONIO shares took a downward spiral due to strict COVID-19 lockdowns in Shanghai. However, now, with the easing of the lockdown situation and the resulting resumption of production, shares have bounced back.For June, NIO reported a whopping 60% year-over-year jump in deliveries to 12,961. Further, sequentially, deliveries posted a record 84.5% growth compared to only 7,024 reported in May.Additionally, EV stocks got some push from the news that the Chinese government plans to support EV makers in China by providing subsidies and tax breaks.The Bad News for NIOEV stocks took a beating due to impending fears of a global recession as well as higher interest rates.Investors were concerned that Nio may be in need of additional capital like its peers, and may resort to stock offerings that could dilute the value of the shares.In late June, the stock took a massive hit after the release of a hostile report from Grizzly Research LLC, which accused the company of inflating its revenues and profits.In response, Nio stated that the report was misleading and inaccurate. Nio committed to creating an independent committee to investigate the concerns raised in the report.Analysts Are Bullish about NIOOverall, the stock has a Strong Buy consensus rating based on 10 unanimous Buys. The average Nio price target of $33.66 implies 66.63% upside potential from current levels.High Smart Score for NioNIO scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.Concluding ThoughtsNio deliveries number in June shows that perhaps, the worst is behind the company with the resumption of production in Shanghai, which suffered due to the COVID-19 situation and the long period of lockdowns earlier this year.The Chinese government support could act as a strong catalyst for the EV maker, assuming NIO management is able to put recent investors’ concerns to rest.","news_type":1},"isVote":1,"tweetType":1,"viewCount":272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9045304650,"gmtCreate":1656556014870,"gmtModify":1676535853520,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9045304650","repostId":"1121505043","repostType":2,"repost":{"id":"1121505043","pubTimestamp":1656561665,"share":"https://ttm.financial/m/news/1121505043?lang=&edition=fundamental","pubTime":"2022-06-30 12:01","market":"us","language":"en","title":"NIO: Questions And Challenges To The Grizzly Short-Seller Report","url":"https://stock-news.laohu8.com/highlight/detail?id=1121505043","media":"seekingalpha","summary":"SummaryShort-seller Grizzly Research has released a report outlining findings of alleged fraud by NIO on Tuesday evening.The report attempted to outline how NIO, through an unconsolidated entity, is f","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Short-seller Grizzly Research has released a report outlining findings of alleged fraud by NIO on Tuesday evening.</li><li>The report attempted to outline how NIO, through an unconsolidated entity, is falsely inflating revenue and net income pertaining to its BaaS business.</li><li>The report also accused CEO Bin Li of association with fraudulent activities in the past. The information was largely used as support for Grizzly&#39;s claims of financial manipulation at NIO.</li><li>However, we believe some of the information reported by Grizzly have been exaggerated to support its short bias against NIO. We also question the validity of some of the quantified impacts that Grizzly is claiming against NIO&#39;s BaaS operations.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/346379c1e5a1a4087e614ef0b8a18caa\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/><span>Drew Angerer/Getty Images News</span></p><p>Grizzly Research (&#34;Grizzly&#34;) has released a short-seller report on NIO (NYSE:NIO) Tuesday morning, citing the Chinese electric vehicle (“EV”) company has engaged in the exaggeration of revenue and profitability via aggressive accounting methods and fraudulent means. In addition to outlining the allegedmeasures NIO has taken to falsely inflate its top- and bottom-line since 2020, Grizzly has also gathered extensive research in an attempt to character-assassinate NIO CEO Bin Li in order to “dot the i’s and cross the t’s” in its argument that the three core elements of fraud – opportunity, incentive and rationalization – exist in this situation for the EV maker.</p><p>While some of the findings raised in the short-seller report may raise questions that only NIO management can answer, there are also questionable and groundless arguments made by Grizzly that could significantly mislead and deceive existing and potential investors in the EV stock. The following analysis will focus on an overview of the short-seller’s core claim against NIO – namely, false inflation of revenue and net income via aggressive accounting and potentially fraudulent means – and provide a walkthrough of questions / challenges we have over the validity of some of those claims.</p><p><b>Accounting Crash Course: NIO’s BaaS Revenue Recognition Method</b></p><p>Through publicly disclosed information within NIO’s audited annual report, Grizzly had identified that NIO is frontloading and inflating revenue recognition pertaining to its battery-as-a-service (“BaaS”) sales via an unconsolidated related party.</p><p>In 2020, NIO, alongside an external consortium of investors that consist of EV battery maker CATL, Hubei Science Technology Investment Group, and a subsidiary of Fuotai Junan International Holdings Limited, have together created the joint venture “Wuhan Weineng Battery Asset Co., Ltd.,” (“Weineng”). Weineng was established in 2020, the same time when NIO’s battery lending service BaaS was introduced.</p><p>Under BaaS, NIO customers are eligible for a one-time discount of up to RMB 128,000 ($19,133) on the vehicle purchase if they opt for the battery lending subscription program instead of buying the battery with the vehicle upfront. This strategy has been an effective mean in fuelling the adoption of NIO EVs in China, especially with additional government subsidies for purchases that are compatible with battery swapping technology. All sales and costs pertaining to BaaS are managed by Weineng.</p><p>Now, the Weineng joint venture, in which NIO holds a 19.8% equity interest in, has been accounted for as an “equity-accounted investment” on the EV maker’s financial statements, given the definition of control under GAAP-based accounting has not been met (further discussed in later sections). Under GAAP-based accounting for related party transactions, “intragroup related party transactions and outstanding balances are eliminated, except for those between an investment entity and its subsidiaries measured at fair value through profit or loss, in the preparation of consolidated financial statements of the group”:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b533b2a1e657134b3b33f231c2b11f74\" tg-width=\"640\" tg-height=\"292\" referrerpolicy=\"no-referrer\"/><span>GAAP Rules on Related Party Disclosures (IAS)</span></p><p>Based on NIO’s disclosures within its audited annual report on its revenue recognition method pertaining to BaaS sales, the EV maker sells its battery packs to Weineng on a “back-to-back” basis when a vehicle is sold to a customer subscribed to BaaS:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d726db76c4884663e28c157208e5cd77\" tg-width=\"640\" tg-height=\"150\" referrerpolicy=\"no-referrer\"/><span>NIO Revenue Recognition Policy on BaaS Sales (NIO 2021 20F)</span></p><p>In compliance with GAAP-based accounting for revenue recognition, a sale is reported to the income statement when a performance obligation is satisfied. Under NIO’s affiliation with Weineng, NIO sells Weineng a battery pack when a customer buys a vehicle with BaaS subscription. The performance obligation here is that NIO needs to provide a battery pack to Weineng, and once this is satisfied, NIO is permitted to recognize revenue on the battery sale based on a pre-contracted transaction price for the performance obligation. For NIO, the battery sold would have been previously considered as inventory. Following the recognition of the battery sale, NIO would have also recorded cost of sales pertaining to removing the battery from its inventory balance on the balance sheet:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2203faf29e5b271342335935df358d86\" tg-width=\"389\" tg-height=\"208\" referrerpolicy=\"no-referrer\"/><span>Journal Entries for Battery Sales Business Model (Author)</span></p><p>In Weineng’s case, however, its performance obligation to customers is the provision of battery lending services on a monthly or annual basis, depending on the subscription option. As such, Weineng can only recognize monthly / annual BaaS revenue over time when it satisfies its battery lending obligation to customers. Weineng would also have to record depreciation costs over the useful life of its batteries, which are considered property, plant and equipment used in facilitating its service business:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4bf30456c1ff78b902edfa34d719f150\" tg-width=\"598\" tg-height=\"175\" referrerpolicy=\"no-referrer\"/><span>Journal Entries for BaaS Business Model (Author)</span></p><p>This arrangement essentially allows NIO to recognize 100% of revenues pertaining to the battery pack sold to Weineng upfront upon selling a vehicle booked on BaaS on a one-for-one basis, instead of recognizing BaaS revenue and related depreciation costs on the batteries used in the BaaS business over time. The disclosed BaaS revenue recognition method for NIO also infers that the number of battery packs sold to Weineng should be equivalent to the number of BaaS subscribers as of period-end. BaaS revenues and related costs of sales (e.g. depreciation costs on batteries) recognized over time are instead in the books of Weineng, in which NIO accounts for on its balance sheet as an equity-accounted investment.</p><p>Because Weineng is an equity-accounted investment and not a consolidated entity in which NIO controls under the definition set out by GAAP-based accounting, NIO is not required to perform intragroup eliminations pertaining to the related party transaction. Instead, it is required to disclose the relationship, as well as the related amounts if material. This information is disclosed in NIO’s 2021 20 Funder “Note 26. Related Party Balances and Transactions”. Revenue and income generated by Weineng are accounted for in NIO’s financial statements as “share of (loss) / income of equity investees” pro-rated for its non-controlling interest.</p><p><b>Grizzly’s Core Short Thesis</b></p><p>Grizzly alleges the move is a fraudulent measure taken by NIO to “exaggerate revenue and profitability”. The short-seller has accused NIO of using the accounting “loophole” to frontload battery revenues pertaining to BaaS that should have been recognized over a course of about seven years (i.e. battery discount on BaaS vehicle purchase, divided by annual BaaS subscription fee).</p><p>In addition to frontloading revenue recognition on BaaS sales, Grizzly has also identified a discrepancy between the number of active BaaS subscribers and battery packs owned by Weineng as of September 30, 2021. Grizzly found thatWeineng had ownership of 40,053 battery packs as of September 30, 2021, but only had 19,000 active BaaS subscribers during the period, which is inconsistent with NIO’s claims that it only records battery sales to Weineng on a back-to-back basis with BaaS vehicle sales. Grizzly has attributed the discrepancy as NIO’s way of artificially inflating revenues by selling more battery packs to Weineng than it needs to fulfil BaaS performance obligations.</p><p>In order to support its claim that NIO is defrauding investors via the unconsolidated related party, Grizzly has also gathered additional research in an attempt to support the three key elements of the fraudulent triangle:</p><p><b>Opportunity:</b>As mentioned in the accounting overview section, the ownership structure between NIO and Weineng is accounted for as an equity-accounted investment, which allows NIO to bypass related party transaction eliminations on its financial statements. This accordingly provides an opportunity for NIO to artificially inflate its revenues at the group level by recording sales to the equity-accounted subsidiary, without the need to back it out at period end. Under GAAP-based accounting rules on related party transactions, NIO is required to disclose material details to the relationship, in which it has complied with.</p><p>The organizational structure also provides NIO an ability to recognize BaaS revenues upfront, instead of over an extended period of time given the difference in performance obligation it owes toWeinengcompared to thoseWeineng owes to BaaS subscribers. Grizzly also claims the method has allowed NIO to bypass depreciation costs on battery assets to the tune of RMB 336 million per year.</p><p><b>Incentive:</b>Grizzly has gone through extensive measures to dig up evidence to support NIO has a valid incentive for exaggerating its revenue and profitability. Citing an agreement between NIO and a state-backed consortium which has invested in a wholly-owned subsidiary “NIO China”, which requires NIO to redeem the investment upon failure in meeting pre-established performance metrics, such as achieving revenues of RMB 120 billion by 2024. However, the publicly disclosed information per NIO’s regulatory filings does not specify whether the RMB 120 billion revenue performance metric is required on an annual basis or on a cumulative basis between the time at which the agreement was forged with the state-backed investment consortium and 2024.</p><p>Grizzly has also inferred incentive for NIO to exaggerate its top- and bottom-line as a mean to pretty its valuation prospects, and attract investors from the public market.</p><p><b>Rationalization:</b>The short-seller report lacks support for how NIO tried to rationalize the alleged fraudulent reporting behaviour. However, Grizzly has proceeded to gather evidence to bolster its claim of why the likelihood of fraud at NIO is high. These include findings about NIO CEO Li’s past association with personnel that have been previously linked to high-profile fraudulent financial reporting cases like Luckin Coffee(OTCPK:LKNCY). Grizzly has also alluded to questionable behaviour by NIO CEO Li, such as pledging a NIO-affiliated subsidiary, “NIO User Trust”, in which Li personally controls to UBS AG without directly addressing the matter to shareholders. While these findings may warrant clarification from management, there is insufficient ground to warrant a fraudulent sentence to the company.</p><p>NIO management has also refuted Grizzly’s claims, saying allegations outlined in the report are “without merit and contains numerous errors, unsupported speculations and misleading conclusions and interpretations”, and has committed to bolstering public disclosures going forward to protect shareholders’ interests. Nowhere has the company tried to outright rationalize fraudulent reporting.</p><p><b>Challenging Grizzly’s Conclusion on “Control” Established by NIO Over Weineng</b></p><p>In addition to character assassination on Li to support its claims for fraudulent reporting behaviour at NIO, Grizzly has also attempted to conclude NIO’s control over Weineng. As mentioned in earlier sections, if NIO effectively “controls” Weineng, it would have to consolidate the investment and eliminate any earnings recorded via related party transactions.</p><p>First, Grizzly has identified “conflicting disclosure” between NIO’s claim that it has “significant influence” over Weineng in one place, and NIO’s claim that it only has “limited control over the business operations” ofWeinengin another place within a same regulatory filing. However, the words “significant influence” and “control” used within NIO’s regulatory filings are defined differently under GAAP-based accounting rules from general definitions of power that everyday investors are familiar with.</p><p>Significant influence is defined as “the power to participate in the financial and operating policy decisions of the investee without the power to control or jointly control those policies” under GAAP-based accounting. Significantly influence is typically established when an “entity holds, directly or indirectly, 20% or more of voting power of the investee”. NIO’s 19.8% equity interest in Weineng is sufficient to presume its “significant influence” over the investment:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/505c64f7bc18c02131dd830e5f2a5462\" tg-width=\"640\" tg-height=\"260\" referrerpolicy=\"no-referrer\"/><span>GAAP Rules on Investments in Associates and Joint Ventures (IAS)</span></p><p>Pointing to our earlier reference to the definition of control established in GAAP-based accounting, the acquiring party only establishes “control” over the acquired party if it demonstrates three primary elements:</p><p>1. “<b>Power</b>” over the acquired entity, which is defined under GAAP as a substantive right exercised by an acquirer over the acquiree for non-protective benefits (e.g. exercising rights without the need for breach of contract or majority investor support). Based on publicly disclosed information in NIO’s regulatory filings, it only holds one of nine board seats on Weineng. There is also no mention of voting agreements that would pass on majority board and/or owner voting rights to NIO. With one of nine board seats, and a 19.8% equity interest, NIO does not exhibit power over Weineng to establish control.</p><p>2. Exposure to<i>variable returns</i>from the acquiree based on the acquirer’s involvement. NIO does not generate additional fees from Weineng based on Weineng’s performance. NIO is only exposed to Weineng’s earnings through its equity-accounted share of the investment.</p><p>As for the acquirer’s involvement in interfering with returns generated from the acquiree, Grizzly has pointed to the installation of two existing NIO executives to Weineng in management roles that include “Legal Representative and Chairman” and “General Manager and Director”. However, considering NIO’s significant influence over Weineng as defined under GAAP rules explained earlier, it is not unusual for the two parties to share employees or for NIO to “participate in the financial and operating policy decisions” of Weineng through the two shared employees. As such, NIO can account for its investment inWeinengas an equity-accounted investment, as long as “control” is not established even if it has installed employees at Weineng. Based on NIO’s failure to meet criterion 1 “power”, it already fails to establish control under GAAP rules over Weineng based on the existing ownership and voting structure disclosed in regulatory filings.</p><p>Grizzly has also alluded to the installation of two NIO executives in the daily operations of Weineng as a “major conflict of interest”. However, the auditor’s report per NIO’s audited 2021 20F states that “the company has maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established in<i>Internal Control – Integrated Framework</i>(2013) issued by the COSO”. The COSO framework requires that internal controls address segregation of duty requirements to ensure fair presentation of financial information without material misstatements whether due to error or fraud. As such, it is reasonable to believe that segregation of duty controls in place pertaining to the two executives’ roles in both NIO and Weineng have been tested as effective as of the reporting date.</p><p>3. The acquiring party is a<i>principal</i>in the transaction, and not an agent. Under GAAP-based accounting, an agent is “primarily engaged to act on behalf and for the benefit of another party…[and] does not control an investee when it exercises decision-making rights delegated to it”. In determining whether NIO is an agent over Weineng, the i) scope of NIO’s decision-making authority over Weineng, ii) the rights held by other investors in Weineng, iii) the remuneration in which NIO is entitled to in its affiliation with Weineng, and iv) NIO’s exposure to variability of returns from its interest in Weineng must be considered:</p><ul><li>Based on the foregoing analysis, we know that NIO’s sole decision-making authority over Weineng is limited given it only holds 19.8% equity interest with one in nine board seats in the joint venture. The two NIO executives installed in the daily operations of Weineng also do not exhibit characteristics of sole control over the joint ventures’ business.</li><li>The remainder of the investment consortium over Weineng holds the remaining eight of nine board seats, and 80.2% equity interest in the joint venture. There have also been no mention of signed-over voting rights by the investment consortium to NIO in publicly disclosed information that would give NIO control over Weineng.</li><li>In addition to battery sales, NIO is also entitled to service revenue earned from Weineng through service agreements. NIO earns revenue for providing “battery packmonitoring, maintenance, upgrade, replacement, IT system support, etc.” to Weineng via monthly service charges. As of the reporting year ended December 31, 2021, service revenues pertaining to the service agreements between NIO and Weineng were immaterial according to disclosures in “Note 2. Summary of Significant Accounting Policies”, section<i>(r) Revenue recognition</i>in the 2021 20F.</li><li>As discussed in the control assessment under criterion 2, NIO’s exposure to variability of returns in its investment in Weineng is insufficient to establish control under GAAP-based accounting.</li></ul><p><b>Challenging Grizzly’s Quantification of NIO’s Alleged Revenue and Profit Inflation</b></p><p>Grizzly believes NIO has inflated revenue and net income by “about 10% and 95%, respectively”, via its affiliation with Weineng. Grizzly’s calculations, as well as our skepticism, is outlined as follows:</p><p><b>1. Frontloaded Revenue via Battery Sales to Weineng</b></p><p><b>Grizzly’s accusation.</b>As discussed in the foregoing analysis, Grizzly identified that NIO has been recognizing battery revenues pertaining to BaaS upfront via its affiliation with Weineng. Instead of recognizing BaaS revenues over time when the service performance obligation is satisfied, NIO is able to recognize 100% of battery revenues sold to customers via BaaS subscriptions through the Weineng JV. Grizzly claims that this arrangement effectively allows NIO to pull forward seven years of BaaS revenue upfront.</p><p><b>Grizzly’s calculation of quantified impacts.</b>Considering vehicle purchase discounts ranging RMB 70,000 (70/75 kWh battery pack) to RMB 128,000 (100 kWh battery pack) upon buyer’s subscription to BaaS, Grizzly has taken the lower end of the range (i.e. RMB 70,000) as the proxy for battery pack revenues. Based on annual BaaS subscription fees at RMB 11,760 (RMB 980/mo.) for the 70 kWh battery pack, which yields a vehicle discount of RMB 70,000 with subscription to BaaS, Grizzly has assumed a BaaS revenue recognition timeline of about seven years (i.e. RMB 70,000 discount, divided by RMB 11,760 annual BaaS subscription fee, adjusted for inflation) – we consider this a reasonable assumption.</p><p>Now, as of September 30, 2021, a public regulatory filing by Weineng disclosed that it had 19,000 active BaaS subscribers. 18% of its subscription base were subscribed to the RMB 1,480/mo. 100 kWh battery pack, and 82% were subscribed to the RMB 980/mo. 70/75 kWh battery pack at the time.</p><p>Grizzly’s calculation of inflated revenues and income pertaining to NIO’s sale of 19,000 BaaS-related batteries to Weineng in the nine months ending September 30, 2021 is as follows:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/21e7d58b24ac2bde6344b4206ef9be8e\" tg-width=\"592\" tg-height=\"395\" referrerpolicy=\"no-referrer\"/><span>Grizzly&#39;s Computation of Inflated Revenue and Income Pertaining to Pulled Forward BaaS Sales (Grizzly Research)</span></p><p>As of the nine months ended September 30, 2021, NIO had generated RMB 2,796 million in revenues from the sale of batteries to Weineng (full year 2021 revenues generated from Weineng: RMB 4,138 million, 11% of total NIO 2021 revenue). Based on 19,000 active BaaS subscribers, and ownership of 40,053 battery packs owned as reported by Weineng as of September 30, 2021, Grizzly estimates that only 47% of the RMB 2,796 million in revenues generated from the sale of goods to Weineng are related to “real” BaaS sales. Essentially, Grizzly claims only RMB 1,326 million of RMB 2,796 million in sales of goods to Weineng recognized on NIO’s income statement in the nine months ended September 30, 2021 are related to real BaaS battery sales.</p><p>The RMB 1,326 million pertaining to 19,000 battery packs sold to Weineng for the number of active BaaS subscribers at the time is effectively the “upfront” revenue recognized by NIO, which should have been recognized over a course of seven years instead based on the estimated performance obligation timeline discussed in earlier sections. Without Weineng, NIO would have instead had to recognize BaaS revenues related to the 19,000 subscribers over time, which is equivalent to RMB 179 million in the nine month period ending September 30, 2021. This essentially means NIO had allegedly pulled forward RMB 1,147 million in revenues related to BaaS sales in the nine months ending September 30, 2021.</p><p>In the nine months ended September 30, 2021, NIO had reported total revenue of RMB 26,236 million and net losses of RMB 1,874 million. The RMB 1,147 million in pulled forward BaaS revenues represents 4% of total revenues recognized over the nine-month reporting period.</p><p>To generate the “adjusted” net income that NIO would have reported had Weineng never existed, Grizzly had removed RMB 1,147 million in pulled forward revenues pertaining to BaaS sales directly from actual reported net losses of RMB 1,874 million. This accordingly yields adjusted net losses of RMB 3,021 million for the nine months ending September 30, 2021 at NIO, or a variance of 61%.</p><p><b>Issue with Grizzly’s claim.</b>In Grizzly’s calculation of adjusted net losses had BaaS revenue never been pulled forward at NIO via its affiliation with Weineng, the short-seller did not add back costs of sales that NIO would have recognized when it sold the battery packs to Weineng and recorded the related revenue.</p><p>While profit margins on NIO’s battery pack sales to Weineng are not disclosed, Grizzly had used 20% as a proxy, which is “consistent with the margin of an entire vehicle [considering] batteries are a cost center for all vehicles”. Using the 20% profit margin proxy on 19,000 battery pack sales to Weineng totalling RMB 1,326 million in the nine months ending September 30, 2021, NIO would have recorded related cost of sales of RMB 1,060.9 million (i.e. 0.8% cost of revenues x RMB 1,326 million battery revenues recorded on the sale of 19,000 units to Weineng in the nine months ending September 30, 2021).</p><p>When Grizzly removed/pulled forward BaaS revenues of RMB 1,147 million from NIO’s actual net losses of RMB 1,874 million reported in the nine months ending September 30, 2021, Grizzly should have also added back related cost of sales totalling RMB 917.6 million in determining the adjusted net income reported.</p><p><b>Livy’s revised calculation of quantified impacts.</b></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/324a74d6eeeb60a4bd2da9251d4d6ed8\" tg-width=\"640\" tg-height=\"416\" referrerpolicy=\"no-referrer\"/><span>Livy&#39;s Computation of Revenue and Income Variances Pertaining to NIO&#39;s Alleged Frontloading of BaaS Sales (Author)</span></p><p>The above revised net income adjustment backs out alleged pulled forward BaaS revenues by NIO through its affiliation with Weineng from actual net losses reported by NIO in the nine months ending September 30, 2021. The orange-highlighted cells represent the incremental cost of sales pertaining to pulled forward BaaS revenues that should have been added back to adjusted net income in order to represent a fair representation of NIO’s adjusted net losses for the nine months ending September 30, 2021 if Weineng never existed and the EV maker had to recognize BaaS revenues over time. This adjustment accordingly reduces the variance of 61% from Grizzly’s calculation of adjusted net losses, to 12% – a material difference that, like Grizzly is accusing NIO of doing, misleads investors on the matter discussed.</p><p><b>2. Revenues from Oversupplied Batteries to Weineng</b></p><p><b>Grizzly’s accusation.</b>Based on NIO’s revenue recognition method on BaaS sales, the number of battery packs sold to Weineng should be equivalent to the number of vehicle buyers that have subscribed to BaaS at the time of purchase. Based on 19,000 active BaaS subscribers reported by Weineng as of September 30, 2021, it is easy to assume that NIO should have only sold 19,000 battery packs to Weineng in the nine months ending September 30, 2021 as well to comply with the EV maker’s revenue recognition method on BaaS sales outlined in its 2021 20F.</p><p>However, Weineng had reported ownership of 40,053 battery packs as of September 30, 2021, which exceeds its active subscriber base of 19,000 by 21,053 units. As such, Grizzly has accused NIO of intentionally overselling battery packs to Weineng to inflate revenues.</p><p>While the discrepancy is indeed a question for management, Grizzly had cited that there is no need for Weineng to hold that many additional battery packs, even for operational purposes. Grizzly had gone on to explain its field work done at NIO Power Swap stations to verify that there is no difference between BaaS battery packs owned by Weineng and battery packs used in swap stations owned by NIO. However, we believe the additional field work is a moot point, considering NIO Power Swap operations are not related to Weineng. Weineng only facilitates NIO’s BaaS battery lending business, and nothing else – Grizzly did not even have to go out of its way to check on NIO’s Power Swap stations and hold conversations with sales staff at NIO’s car centers.</p><p><b>Livy’s response.</b>While the number of battery packs owned by Weineng should essentially be equivalent to the number of active BaaS subscribers, there is a possibility that a total of 40,053 NIO vehicle sales between 2020 when BaaS was established and September 30, 2021 had subscribed to BaaS. Perhaps, as of reporting date on September 30, 2021, there were 21,053 BaaS subscribers that have halted monthly subscriptions, which is not surprising given the third quarter is not a typical driving season, and there is a possibility that these NIO vehicle owners did not need to use their vehicles during the period.</p><p>Grizzly has also supported its claim that NIO oversupplied battery packs to Weineng to intentionally inflate revenues by saying that Weineng has no storage facility to store its 21,053 excess battery packs as of September 30, 2021. However, we do not find this surprising, as BaaS subscribers that have halted monthly subscriptions might be holding onto the emptied battery packs on consignment or have returned them to a NIO servicing center where NIO has held onto these Weineng-owned battery packs on consignment. The lack of battery pack storage facility owned by Weineng does not conclude that its ownership of the excess battery packs is fraudulent and made up.</p><p>There can be many reasons why a discrepancy exists between the number of active BaaS subscribers and battery packs owned by Weineng at the end of a reporting period. The above are just two assumptions that could invalidate Grizzly’s accusation (which is also an assumption). The real answer to the discrepancy can only be explained by NIO and Weineng management.</p><p><b>Grizzly’s calculation of quantified impacts.</b>In determining the inflated revenue and earnings specific to the allegedly oversupplied battery packs from NIO to Weineng, Grizzly had performed the following calculations:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a2497da8272eec2b6020c07b7ee06b1f\" tg-width=\"580\" tg-height=\"420\" referrerpolicy=\"no-referrer\"/><span>Grizzly&#39;s Computation of Revenue and Net Income Variances Pertaining to Oversupplied Batteries (Grizzly Research)</span></p><p>In deriving the inflated revenues related to the allegedly oversupplied battery packs, Grizzly had determined the percentage of battery packs owned by Weineng as of September 30, 2021 that were in excess to its active subscriber base as 53% (i.e. 21,053 excess battery packs, divided by 40,053 battery packs owned by Weineng as of September 30, 2021). The percentage was applied to total revenue recognized by NIO pertaining to the sale of battery packs to Weineng in the nine months ending September 30, 2021, resulting in oversold battery revenues of RMB 1,470 million (i.e. 53% oversold batteries x RMB 2,796 million in related party revenues from Weineng recorded by NIO for the nine months ending September 30, 2021).</p><p>In the nine months ended September 30, 2021, NIO had reported total revenue of RMB 26,236 million and net losses of RMB 1,874 million. The RMB 1,470 million in oversold battery revenue represents 6% of total NIO revenues recognized over the nine-month reporting period.</p><p>Considering Grizzly’s 20% profit margin assumption on battery pack sales as discussed in earlier sections, the oversold battery packs to Weineng would have generated net income of RMB 294 million in the nine months ending September 30, 2021. As such, backing out RMB 294 million in overstated profits back to NIO’s actual reported net losses of RMB 1,874 million in the nine-month period ending September 30, 2021 would have yield adjusted net losses of RMB 2,168 million, representing a variance of 16%.</p><p>We have no issues with this calculation performed by Grizzly, other than concerns over the short-seller’s claims that these 20,053 battery packs were intentionally “oversold” by NIO to Weineng to artificially boost revenues.</p><p><b>3. Shifting Depreciation Costs</b></p><p><b>Grizzly’s Accusations.</b>Grizzly has accused NIO of indirectly shifting depreciation costs on the battery packs sold to Weineng, saving the EV maker north of RMB 336 million in depreciation expense on an annual basis.</p><p>Specifically, Grizzly has assumed a 20% profit margin on NIO’s battery sales totalling RMB 2,796 million generated from Weineng in the nine months ending September 30, 2021. This represents battery assets valued at a cost basis of RMB 2.25 billion (i.e. 80% cost x RMB 2,796 in battery sales to Weineng, adjusted for minor rounding differences) removed from the EV maker’s balance sheet over the same period.</p><p>Based on the five to eight years useful life attributable to equipment, including battery packs, used in NIO’s Power Swap business as disclosed in its 2021 20F, Grizzly has assumed an annual depreciation rate of about 15% on the battery packs sold to Weineng and removed from NIO’s balance sheet in the nine months ending September 30, 2021. This is consistent with the assumed BaaS revenue recognition timeline of about seven years as discussed in earlier sections. As such, Grizzly has accused NIO of avoiding depreciation costs of RMB 336 million (i.e. 15% battery depreciation rate x RMB 2,796 million in battery pack sales to Weineng) in the nine months ending September 30, 2021. The short-seller has also alluded to the RMB 336 million as a proxy for annual depreciation costs that NIO has avoided via its arrangement with Weineng.</p><p><b>Issue with Grizzly’s claim.</b>There are two folds to this situation:</p><p><b>1. BaaS Business Model:</b>Under the BaaS business model, the battery packs are considered equipment used in facilitating a service business. As such, the related battery packs would be subjected to depreciation over its useful life. In NIO’s case, if Weineng never existed and the EV maker consolidates its BaaS business, NIO would have had to recognized BaaS revenues pertaining to the 19,000 battery packs that Grizzly has attributed to the BaaS business over seven years, and accordingly record depreciation costs on these battery packs as well over their useful lives of about seven years. As mentioned in earlier sections, the related journal entries under the BaaS business model is as follows:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e89611dda7a7e83881997628fe7aae3\" tg-width=\"640\" tg-height=\"187\" referrerpolicy=\"no-referrer\"/><span>Journal Entries for BaaS Business Model (Author)</span></p><p><b>2. Battery Sales Business Model:</b>in the current situation where NIO has sold the battery packs to Weineng, the battery packs are considered inventory to NIO. There is no depreciation costs related to inventory under GAAP-based accounting. Instead, NIO needs to record the costs of this inventory when they are removed from its balance sheet once the sale is recognized. As mentioned in earlier sections, the related journal entries under the battery sale business model is as follows:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2203faf29e5b271342335935df358d86\" tg-width=\"389\" tg-height=\"208\" referrerpolicy=\"no-referrer\"/><span>Journal Entries for Battery Sales Business Model (Author)</span></p><p>Now, in NIO’s current actual situation, it is engaged in a battery sales business model under its performance obligation to Weineng, while Weineng is engaged in a BaaS business model under its performance obligation to BaaS subscribers.</p><p>As discussed in our first challenge to Grizzly’s calculations pertaining to pulled forward revenue on BaaS battery sales to Weineng, NIO would have recorded costs of sales pertaining to the sold battery inventory when it recognized the related revenues. And this cost of sales number, based on a 20% profit margin assumption consistent with that used by Grizzly, would have accounted for the costs of battery inventory removed from NIO’s balance sheet upon completion of the sale to Weineng. This is consistent with Grizzly’s own calculation pertaining to profit margins on the battery packs that it alleges NIO had oversupplied to Weineng, which is inclusive of cost of sales related to written off inventory incurred by NIO upon recognition of related revenues.</p><p>If NIO was engaged in the BaaS business model itself, without the intervention of Weineng, it would have recognized depreciation at a rate of 15% per year on the battery packs. However, under the upfront sale of related battery packs to Weineng, NIO would have recorded related cost of sales at an upfront rate of 80% as well. So basically, instead of recording revenues and depreciation costs on battery packs over time, NIO essentially recorded revenues and battery inventory costs upfront under its current arrangement with Weineng.</p><p><b>Grizzly’s calculation of quantified impacts.</b>Grizzly’s accusation that NIO has overstated revenues and earnings by 10% and 95%, respectively, through its affiliation with Weineng is calculated as follows:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96f972c8d488406cd690b0672265e62b\" tg-width=\"576\" tg-height=\"498\" referrerpolicy=\"no-referrer\"/><span>Grizzly&#39;s Computation of Total Revenue and Income Inflation (Grizzly Research)</span></p><p>As discussed in earlier sections, NIO’s pulled forward BaaS revenues and inflated battery sales revenues via its affiliation with Weineng represent 4% and 6% of its total revenues, respectively, recognized in the nine months ending September 30, 2021. This represents the 10% in inflated NIO revenues as Grizzly has outlined in the above calculation.</p><p><b>Livy’s revised calculation of quantified impacts.</b>While we have yet to reconcile the RMB 1,777 million in total inflated net income that Grizzly has accused NIO of recognizing (please let us know in comments if you know), we believe the 95% variance identified by Grizzly is not a fair presentation of the quantified impact of its core short thesis.</p><p>Our calculation of the quantified impact pertaining to Grizzly’s accusations that NIO has inflated revenue and earnings through (1) pulling forward BaaS sales, and (2) oversupplying batteries to Weineng, is as follows:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1ffe9833bb562f66e5365e077d7741d4\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/><span>Livy&#39;s Computation of Alleged Overstatements Related to Alleged Frontloading of BaaS Revenue (Author)</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/230a54833c34b3a9920a03524c28e960\" tg-width=\"640\" tg-height=\"361\" referrerpolicy=\"no-referrer\"/><span>Livy&#39;s Computation of Alleged Overstatements Pertaining to Alleged Overselling of Battery Supplies (Author)</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ccf9a3a0482b46cee102e66d5137113f\" tg-width=\"640\" tg-height=\"220\" referrerpolicy=\"no-referrer\"/><span>Livy&#39;s Computation of Alleged Revenue Overstatement (Author)</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c7ec5a61d7fd491aec81d9a48a92020\" tg-width=\"640\" tg-height=\"188\" referrerpolicy=\"no-referrer\"/><span>Livy&#39;s Computation of Alleged Overstatement in Net Income (Author)</span></p><p>Under Grizzly’s accusations of inflated revenue and earnings by NIO through its affiliation with Weineng, if found valid (which we remain skeptical of), NIO would have overstated net losses in the nine months ending September 30, 2021 by 28% instead of the 95% that Grizzly alleges – a material difference that again misleads investors on the estimated quantified impact pertaining to the accusations claimed by the short-seller. The net income variance of RMB 523 million ($78 million) found in our calculation is also immaterial (&lt; 1%) based on NIO’s market value of $58.38 billion as of September 30, 2021 and NIO’s market value of approximately $35 billion today.</p><p><b>Final Thoughts</b></p><p>As discussed in the introduction of this analysis, Grizzly had also touched on things like NIO CEO Li’s association with fraudulent personnel, the pledge of NIO User Trust to UBS AG, and conflict of interests to further support its argument that NIO is engaged in fraudulent financial reporting. However, these are groundless allegations that have yet to be substantiated to infer Li is committing fraud via NIO’s operations. While investors should always exercise professional skepticism on publicly disclosed information in regulatory filings when making investment decisions, the same skepticism should also be placed on external claims – such as those by the short-seller, commentary by external sources, and/or even commentary herein – especially if they argue that correlation = causation (e.g. Grizzly’s method in inferring that fraud at NIO is substantiated given “dirt” it has dug up on Li’s past).</p><p>While we agree that there are some good takeaways from the short-seller report that may require further clarification from management, it is important to recognize and acknowledge that a lot of it might also be misleading – or in the words of Grizzly, “exaggerated”. This is also consistent with NIO’s stock performance during Tuesday and Wednesday’s session following release of the short-seller report. The stock has largely moved in consistency with the ongoing market rout, and broad-based selloff across the EV sector, with no extreme deviation due to the negative headline from Grizzly, which indicates that market participants, especially significant shareholders in NIO, are still digesting the latest external allegations.</p><p>At the end of the day, NIO remains one of the most viable EV businesses in the emerging sector, with continued demand for its vehicles to support further growth over the long-run. Unlike some of the upstarts in the increasingly competitive EV landscape that have been accused of fraud, such as Nikola (NKLA), Lordstown Motors (RIDE), and Faraday Future (FFIE), NIO already operates a global business with a substantiated vehicle order book to support the bulk of its top- and bottom-line expansion, which continues to support its positive valuation prospects ahead.</p><p>This article was written by Livy Investment Research</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NIO: Questions And Challenges To The Grizzly Short-Seller Report</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNIO: Questions And Challenges To The Grizzly Short-Seller Report\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-30 12:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4521053-nio-questions-and-challenges-to-the-grizzly-short-seller-report?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A2><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryShort-seller Grizzly Research has released a report outlining findings of alleged fraud by NIO on Tuesday evening.The report attempted to outline how NIO, through an unconsolidated entity, is ...</p>\n\n<a href=\"https://seekingalpha.com/article/4521053-nio-questions-and-challenges-to-the-grizzly-short-seller-report?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","09866":"蔚来-SW","NIO.SI":"蔚来"},"source_url":"https://seekingalpha.com/article/4521053-nio-questions-and-challenges-to-the-grizzly-short-seller-report?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A2","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1121505043","content_text":"SummaryShort-seller Grizzly Research has released a report outlining findings of alleged fraud by NIO on Tuesday evening.The report attempted to outline how NIO, through an unconsolidated entity, is falsely inflating revenue and net income pertaining to its BaaS business.The report also accused CEO Bin Li of association with fraudulent activities in the past. The information was largely used as support for Grizzly's claims of financial manipulation at NIO.However, we believe some of the information reported by Grizzly have been exaggerated to support its short bias against NIO. We also question the validity of some of the quantified impacts that Grizzly is claiming against NIO's BaaS operations.Drew Angerer/Getty Images NewsGrizzly Research (\"Grizzly\") has released a short-seller report on NIO (NYSE:NIO) Tuesday morning, citing the Chinese electric vehicle (“EV”) company has engaged in the exaggeration of revenue and profitability via aggressive accounting methods and fraudulent means. In addition to outlining the allegedmeasures NIO has taken to falsely inflate its top- and bottom-line since 2020, Grizzly has also gathered extensive research in an attempt to character-assassinate NIO CEO Bin Li in order to “dot the i’s and cross the t’s” in its argument that the three core elements of fraud – opportunity, incentive and rationalization – exist in this situation for the EV maker.While some of the findings raised in the short-seller report may raise questions that only NIO management can answer, there are also questionable and groundless arguments made by Grizzly that could significantly mislead and deceive existing and potential investors in the EV stock. The following analysis will focus on an overview of the short-seller’s core claim against NIO – namely, false inflation of revenue and net income via aggressive accounting and potentially fraudulent means – and provide a walkthrough of questions / challenges we have over the validity of some of those claims.Accounting Crash Course: NIO’s BaaS Revenue Recognition MethodThrough publicly disclosed information within NIO’s audited annual report, Grizzly had identified that NIO is frontloading and inflating revenue recognition pertaining to its battery-as-a-service (“BaaS”) sales via an unconsolidated related party.In 2020, NIO, alongside an external consortium of investors that consist of EV battery maker CATL, Hubei Science Technology Investment Group, and a subsidiary of Fuotai Junan International Holdings Limited, have together created the joint venture “Wuhan Weineng Battery Asset Co., Ltd.,” (“Weineng”). Weineng was established in 2020, the same time when NIO’s battery lending service BaaS was introduced.Under BaaS, NIO customers are eligible for a one-time discount of up to RMB 128,000 ($19,133) on the vehicle purchase if they opt for the battery lending subscription program instead of buying the battery with the vehicle upfront. This strategy has been an effective mean in fuelling the adoption of NIO EVs in China, especially with additional government subsidies for purchases that are compatible with battery swapping technology. All sales and costs pertaining to BaaS are managed by Weineng.Now, the Weineng joint venture, in which NIO holds a 19.8% equity interest in, has been accounted for as an “equity-accounted investment” on the EV maker’s financial statements, given the definition of control under GAAP-based accounting has not been met (further discussed in later sections). Under GAAP-based accounting for related party transactions, “intragroup related party transactions and outstanding balances are eliminated, except for those between an investment entity and its subsidiaries measured at fair value through profit or loss, in the preparation of consolidated financial statements of the group”:GAAP Rules on Related Party Disclosures (IAS)Based on NIO’s disclosures within its audited annual report on its revenue recognition method pertaining to BaaS sales, the EV maker sells its battery packs to Weineng on a “back-to-back” basis when a vehicle is sold to a customer subscribed to BaaS:NIO Revenue Recognition Policy on BaaS Sales (NIO 2021 20F)In compliance with GAAP-based accounting for revenue recognition, a sale is reported to the income statement when a performance obligation is satisfied. Under NIO’s affiliation with Weineng, NIO sells Weineng a battery pack when a customer buys a vehicle with BaaS subscription. The performance obligation here is that NIO needs to provide a battery pack to Weineng, and once this is satisfied, NIO is permitted to recognize revenue on the battery sale based on a pre-contracted transaction price for the performance obligation. For NIO, the battery sold would have been previously considered as inventory. Following the recognition of the battery sale, NIO would have also recorded cost of sales pertaining to removing the battery from its inventory balance on the balance sheet:Journal Entries for Battery Sales Business Model (Author)In Weineng’s case, however, its performance obligation to customers is the provision of battery lending services on a monthly or annual basis, depending on the subscription option. As such, Weineng can only recognize monthly / annual BaaS revenue over time when it satisfies its battery lending obligation to customers. Weineng would also have to record depreciation costs over the useful life of its batteries, which are considered property, plant and equipment used in facilitating its service business:Journal Entries for BaaS Business Model (Author)This arrangement essentially allows NIO to recognize 100% of revenues pertaining to the battery pack sold to Weineng upfront upon selling a vehicle booked on BaaS on a one-for-one basis, instead of recognizing BaaS revenue and related depreciation costs on the batteries used in the BaaS business over time. The disclosed BaaS revenue recognition method for NIO also infers that the number of battery packs sold to Weineng should be equivalent to the number of BaaS subscribers as of period-end. BaaS revenues and related costs of sales (e.g. depreciation costs on batteries) recognized over time are instead in the books of Weineng, in which NIO accounts for on its balance sheet as an equity-accounted investment.Because Weineng is an equity-accounted investment and not a consolidated entity in which NIO controls under the definition set out by GAAP-based accounting, NIO is not required to perform intragroup eliminations pertaining to the related party transaction. Instead, it is required to disclose the relationship, as well as the related amounts if material. This information is disclosed in NIO’s 2021 20 Funder “Note 26. Related Party Balances and Transactions”. Revenue and income generated by Weineng are accounted for in NIO’s financial statements as “share of (loss) / income of equity investees” pro-rated for its non-controlling interest.Grizzly’s Core Short ThesisGrizzly alleges the move is a fraudulent measure taken by NIO to “exaggerate revenue and profitability”. The short-seller has accused NIO of using the accounting “loophole” to frontload battery revenues pertaining to BaaS that should have been recognized over a course of about seven years (i.e. battery discount on BaaS vehicle purchase, divided by annual BaaS subscription fee).In addition to frontloading revenue recognition on BaaS sales, Grizzly has also identified a discrepancy between the number of active BaaS subscribers and battery packs owned by Weineng as of September 30, 2021. Grizzly found thatWeineng had ownership of 40,053 battery packs as of September 30, 2021, but only had 19,000 active BaaS subscribers during the period, which is inconsistent with NIO’s claims that it only records battery sales to Weineng on a back-to-back basis with BaaS vehicle sales. Grizzly has attributed the discrepancy as NIO’s way of artificially inflating revenues by selling more battery packs to Weineng than it needs to fulfil BaaS performance obligations.In order to support its claim that NIO is defrauding investors via the unconsolidated related party, Grizzly has also gathered additional research in an attempt to support the three key elements of the fraudulent triangle:Opportunity:As mentioned in the accounting overview section, the ownership structure between NIO and Weineng is accounted for as an equity-accounted investment, which allows NIO to bypass related party transaction eliminations on its financial statements. This accordingly provides an opportunity for NIO to artificially inflate its revenues at the group level by recording sales to the equity-accounted subsidiary, without the need to back it out at period end. Under GAAP-based accounting rules on related party transactions, NIO is required to disclose material details to the relationship, in which it has complied with.The organizational structure also provides NIO an ability to recognize BaaS revenues upfront, instead of over an extended period of time given the difference in performance obligation it owes toWeinengcompared to thoseWeineng owes to BaaS subscribers. Grizzly also claims the method has allowed NIO to bypass depreciation costs on battery assets to the tune of RMB 336 million per year.Incentive:Grizzly has gone through extensive measures to dig up evidence to support NIO has a valid incentive for exaggerating its revenue and profitability. Citing an agreement between NIO and a state-backed consortium which has invested in a wholly-owned subsidiary “NIO China”, which requires NIO to redeem the investment upon failure in meeting pre-established performance metrics, such as achieving revenues of RMB 120 billion by 2024. However, the publicly disclosed information per NIO’s regulatory filings does not specify whether the RMB 120 billion revenue performance metric is required on an annual basis or on a cumulative basis between the time at which the agreement was forged with the state-backed investment consortium and 2024.Grizzly has also inferred incentive for NIO to exaggerate its top- and bottom-line as a mean to pretty its valuation prospects, and attract investors from the public market.Rationalization:The short-seller report lacks support for how NIO tried to rationalize the alleged fraudulent reporting behaviour. However, Grizzly has proceeded to gather evidence to bolster its claim of why the likelihood of fraud at NIO is high. These include findings about NIO CEO Li’s past association with personnel that have been previously linked to high-profile fraudulent financial reporting cases like Luckin Coffee(OTCPK:LKNCY). Grizzly has also alluded to questionable behaviour by NIO CEO Li, such as pledging a NIO-affiliated subsidiary, “NIO User Trust”, in which Li personally controls to UBS AG without directly addressing the matter to shareholders. While these findings may warrant clarification from management, there is insufficient ground to warrant a fraudulent sentence to the company.NIO management has also refuted Grizzly’s claims, saying allegations outlined in the report are “without merit and contains numerous errors, unsupported speculations and misleading conclusions and interpretations”, and has committed to bolstering public disclosures going forward to protect shareholders’ interests. Nowhere has the company tried to outright rationalize fraudulent reporting.Challenging Grizzly’s Conclusion on “Control” Established by NIO Over WeinengIn addition to character assassination on Li to support its claims for fraudulent reporting behaviour at NIO, Grizzly has also attempted to conclude NIO’s control over Weineng. As mentioned in earlier sections, if NIO effectively “controls” Weineng, it would have to consolidate the investment and eliminate any earnings recorded via related party transactions.First, Grizzly has identified “conflicting disclosure” between NIO’s claim that it has “significant influence” over Weineng in one place, and NIO’s claim that it only has “limited control over the business operations” ofWeinengin another place within a same regulatory filing. However, the words “significant influence” and “control” used within NIO’s regulatory filings are defined differently under GAAP-based accounting rules from general definitions of power that everyday investors are familiar with.Significant influence is defined as “the power to participate in the financial and operating policy decisions of the investee without the power to control or jointly control those policies” under GAAP-based accounting. Significantly influence is typically established when an “entity holds, directly or indirectly, 20% or more of voting power of the investee”. NIO’s 19.8% equity interest in Weineng is sufficient to presume its “significant influence” over the investment:GAAP Rules on Investments in Associates and Joint Ventures (IAS)Pointing to our earlier reference to the definition of control established in GAAP-based accounting, the acquiring party only establishes “control” over the acquired party if it demonstrates three primary elements:1. “Power” over the acquired entity, which is defined under GAAP as a substantive right exercised by an acquirer over the acquiree for non-protective benefits (e.g. exercising rights without the need for breach of contract or majority investor support). Based on publicly disclosed information in NIO’s regulatory filings, it only holds one of nine board seats on Weineng. There is also no mention of voting agreements that would pass on majority board and/or owner voting rights to NIO. With one of nine board seats, and a 19.8% equity interest, NIO does not exhibit power over Weineng to establish control.2. Exposure tovariable returnsfrom the acquiree based on the acquirer’s involvement. NIO does not generate additional fees from Weineng based on Weineng’s performance. NIO is only exposed to Weineng’s earnings through its equity-accounted share of the investment.As for the acquirer’s involvement in interfering with returns generated from the acquiree, Grizzly has pointed to the installation of two existing NIO executives to Weineng in management roles that include “Legal Representative and Chairman” and “General Manager and Director”. However, considering NIO’s significant influence over Weineng as defined under GAAP rules explained earlier, it is not unusual for the two parties to share employees or for NIO to “participate in the financial and operating policy decisions” of Weineng through the two shared employees. As such, NIO can account for its investment inWeinengas an equity-accounted investment, as long as “control” is not established even if it has installed employees at Weineng. Based on NIO’s failure to meet criterion 1 “power”, it already fails to establish control under GAAP rules over Weineng based on the existing ownership and voting structure disclosed in regulatory filings.Grizzly has also alluded to the installation of two NIO executives in the daily operations of Weineng as a “major conflict of interest”. However, the auditor’s report per NIO’s audited 2021 20F states that “the company has maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established inInternal Control – Integrated Framework(2013) issued by the COSO”. The COSO framework requires that internal controls address segregation of duty requirements to ensure fair presentation of financial information without material misstatements whether due to error or fraud. As such, it is reasonable to believe that segregation of duty controls in place pertaining to the two executives’ roles in both NIO and Weineng have been tested as effective as of the reporting date.3. The acquiring party is aprincipalin the transaction, and not an agent. Under GAAP-based accounting, an agent is “primarily engaged to act on behalf and for the benefit of another party…[and] does not control an investee when it exercises decision-making rights delegated to it”. In determining whether NIO is an agent over Weineng, the i) scope of NIO’s decision-making authority over Weineng, ii) the rights held by other investors in Weineng, iii) the remuneration in which NIO is entitled to in its affiliation with Weineng, and iv) NIO’s exposure to variability of returns from its interest in Weineng must be considered:Based on the foregoing analysis, we know that NIO’s sole decision-making authority over Weineng is limited given it only holds 19.8% equity interest with one in nine board seats in the joint venture. The two NIO executives installed in the daily operations of Weineng also do not exhibit characteristics of sole control over the joint ventures’ business.The remainder of the investment consortium over Weineng holds the remaining eight of nine board seats, and 80.2% equity interest in the joint venture. There have also been no mention of signed-over voting rights by the investment consortium to NIO in publicly disclosed information that would give NIO control over Weineng.In addition to battery sales, NIO is also entitled to service revenue earned from Weineng through service agreements. NIO earns revenue for providing “battery packmonitoring, maintenance, upgrade, replacement, IT system support, etc.” to Weineng via monthly service charges. As of the reporting year ended December 31, 2021, service revenues pertaining to the service agreements between NIO and Weineng were immaterial according to disclosures in “Note 2. Summary of Significant Accounting Policies”, section(r) Revenue recognitionin the 2021 20F.As discussed in the control assessment under criterion 2, NIO’s exposure to variability of returns in its investment in Weineng is insufficient to establish control under GAAP-based accounting.Challenging Grizzly’s Quantification of NIO’s Alleged Revenue and Profit InflationGrizzly believes NIO has inflated revenue and net income by “about 10% and 95%, respectively”, via its affiliation with Weineng. Grizzly’s calculations, as well as our skepticism, is outlined as follows:1. Frontloaded Revenue via Battery Sales to WeinengGrizzly’s accusation.As discussed in the foregoing analysis, Grizzly identified that NIO has been recognizing battery revenues pertaining to BaaS upfront via its affiliation with Weineng. Instead of recognizing BaaS revenues over time when the service performance obligation is satisfied, NIO is able to recognize 100% of battery revenues sold to customers via BaaS subscriptions through the Weineng JV. Grizzly claims that this arrangement effectively allows NIO to pull forward seven years of BaaS revenue upfront.Grizzly’s calculation of quantified impacts.Considering vehicle purchase discounts ranging RMB 70,000 (70/75 kWh battery pack) to RMB 128,000 (100 kWh battery pack) upon buyer’s subscription to BaaS, Grizzly has taken the lower end of the range (i.e. RMB 70,000) as the proxy for battery pack revenues. Based on annual BaaS subscription fees at RMB 11,760 (RMB 980/mo.) for the 70 kWh battery pack, which yields a vehicle discount of RMB 70,000 with subscription to BaaS, Grizzly has assumed a BaaS revenue recognition timeline of about seven years (i.e. RMB 70,000 discount, divided by RMB 11,760 annual BaaS subscription fee, adjusted for inflation) – we consider this a reasonable assumption.Now, as of September 30, 2021, a public regulatory filing by Weineng disclosed that it had 19,000 active BaaS subscribers. 18% of its subscription base were subscribed to the RMB 1,480/mo. 100 kWh battery pack, and 82% were subscribed to the RMB 980/mo. 70/75 kWh battery pack at the time.Grizzly’s calculation of inflated revenues and income pertaining to NIO’s sale of 19,000 BaaS-related batteries to Weineng in the nine months ending September 30, 2021 is as follows:Grizzly's Computation of Inflated Revenue and Income Pertaining to Pulled Forward BaaS Sales (Grizzly Research)As of the nine months ended September 30, 2021, NIO had generated RMB 2,796 million in revenues from the sale of batteries to Weineng (full year 2021 revenues generated from Weineng: RMB 4,138 million, 11% of total NIO 2021 revenue). Based on 19,000 active BaaS subscribers, and ownership of 40,053 battery packs owned as reported by Weineng as of September 30, 2021, Grizzly estimates that only 47% of the RMB 2,796 million in revenues generated from the sale of goods to Weineng are related to “real” BaaS sales. Essentially, Grizzly claims only RMB 1,326 million of RMB 2,796 million in sales of goods to Weineng recognized on NIO’s income statement in the nine months ended September 30, 2021 are related to real BaaS battery sales.The RMB 1,326 million pertaining to 19,000 battery packs sold to Weineng for the number of active BaaS subscribers at the time is effectively the “upfront” revenue recognized by NIO, which should have been recognized over a course of seven years instead based on the estimated performance obligation timeline discussed in earlier sections. Without Weineng, NIO would have instead had to recognize BaaS revenues related to the 19,000 subscribers over time, which is equivalent to RMB 179 million in the nine month period ending September 30, 2021. This essentially means NIO had allegedly pulled forward RMB 1,147 million in revenues related to BaaS sales in the nine months ending September 30, 2021.In the nine months ended September 30, 2021, NIO had reported total revenue of RMB 26,236 million and net losses of RMB 1,874 million. The RMB 1,147 million in pulled forward BaaS revenues represents 4% of total revenues recognized over the nine-month reporting period.To generate the “adjusted” net income that NIO would have reported had Weineng never existed, Grizzly had removed RMB 1,147 million in pulled forward revenues pertaining to BaaS sales directly from actual reported net losses of RMB 1,874 million. This accordingly yields adjusted net losses of RMB 3,021 million for the nine months ending September 30, 2021 at NIO, or a variance of 61%.Issue with Grizzly’s claim.In Grizzly’s calculation of adjusted net losses had BaaS revenue never been pulled forward at NIO via its affiliation with Weineng, the short-seller did not add back costs of sales that NIO would have recognized when it sold the battery packs to Weineng and recorded the related revenue.While profit margins on NIO’s battery pack sales to Weineng are not disclosed, Grizzly had used 20% as a proxy, which is “consistent with the margin of an entire vehicle [considering] batteries are a cost center for all vehicles”. Using the 20% profit margin proxy on 19,000 battery pack sales to Weineng totalling RMB 1,326 million in the nine months ending September 30, 2021, NIO would have recorded related cost of sales of RMB 1,060.9 million (i.e. 0.8% cost of revenues x RMB 1,326 million battery revenues recorded on the sale of 19,000 units to Weineng in the nine months ending September 30, 2021).When Grizzly removed/pulled forward BaaS revenues of RMB 1,147 million from NIO’s actual net losses of RMB 1,874 million reported in the nine months ending September 30, 2021, Grizzly should have also added back related cost of sales totalling RMB 917.6 million in determining the adjusted net income reported.Livy’s revised calculation of quantified impacts.Livy's Computation of Revenue and Income Variances Pertaining to NIO's Alleged Frontloading of BaaS Sales (Author)The above revised net income adjustment backs out alleged pulled forward BaaS revenues by NIO through its affiliation with Weineng from actual net losses reported by NIO in the nine months ending September 30, 2021. The orange-highlighted cells represent the incremental cost of sales pertaining to pulled forward BaaS revenues that should have been added back to adjusted net income in order to represent a fair representation of NIO’s adjusted net losses for the nine months ending September 30, 2021 if Weineng never existed and the EV maker had to recognize BaaS revenues over time. This adjustment accordingly reduces the variance of 61% from Grizzly’s calculation of adjusted net losses, to 12% – a material difference that, like Grizzly is accusing NIO of doing, misleads investors on the matter discussed.2. Revenues from Oversupplied Batteries to WeinengGrizzly’s accusation.Based on NIO’s revenue recognition method on BaaS sales, the number of battery packs sold to Weineng should be equivalent to the number of vehicle buyers that have subscribed to BaaS at the time of purchase. Based on 19,000 active BaaS subscribers reported by Weineng as of September 30, 2021, it is easy to assume that NIO should have only sold 19,000 battery packs to Weineng in the nine months ending September 30, 2021 as well to comply with the EV maker’s revenue recognition method on BaaS sales outlined in its 2021 20F.However, Weineng had reported ownership of 40,053 battery packs as of September 30, 2021, which exceeds its active subscriber base of 19,000 by 21,053 units. As such, Grizzly has accused NIO of intentionally overselling battery packs to Weineng to inflate revenues.While the discrepancy is indeed a question for management, Grizzly had cited that there is no need for Weineng to hold that many additional battery packs, even for operational purposes. Grizzly had gone on to explain its field work done at NIO Power Swap stations to verify that there is no difference between BaaS battery packs owned by Weineng and battery packs used in swap stations owned by NIO. However, we believe the additional field work is a moot point, considering NIO Power Swap operations are not related to Weineng. Weineng only facilitates NIO’s BaaS battery lending business, and nothing else – Grizzly did not even have to go out of its way to check on NIO’s Power Swap stations and hold conversations with sales staff at NIO’s car centers.Livy’s response.While the number of battery packs owned by Weineng should essentially be equivalent to the number of active BaaS subscribers, there is a possibility that a total of 40,053 NIO vehicle sales between 2020 when BaaS was established and September 30, 2021 had subscribed to BaaS. Perhaps, as of reporting date on September 30, 2021, there were 21,053 BaaS subscribers that have halted monthly subscriptions, which is not surprising given the third quarter is not a typical driving season, and there is a possibility that these NIO vehicle owners did not need to use their vehicles during the period.Grizzly has also supported its claim that NIO oversupplied battery packs to Weineng to intentionally inflate revenues by saying that Weineng has no storage facility to store its 21,053 excess battery packs as of September 30, 2021. However, we do not find this surprising, as BaaS subscribers that have halted monthly subscriptions might be holding onto the emptied battery packs on consignment or have returned them to a NIO servicing center where NIO has held onto these Weineng-owned battery packs on consignment. The lack of battery pack storage facility owned by Weineng does not conclude that its ownership of the excess battery packs is fraudulent and made up.There can be many reasons why a discrepancy exists between the number of active BaaS subscribers and battery packs owned by Weineng at the end of a reporting period. The above are just two assumptions that could invalidate Grizzly’s accusation (which is also an assumption). The real answer to the discrepancy can only be explained by NIO and Weineng management.Grizzly’s calculation of quantified impacts.In determining the inflated revenue and earnings specific to the allegedly oversupplied battery packs from NIO to Weineng, Grizzly had performed the following calculations:Grizzly's Computation of Revenue and Net Income Variances Pertaining to Oversupplied Batteries (Grizzly Research)In deriving the inflated revenues related to the allegedly oversupplied battery packs, Grizzly had determined the percentage of battery packs owned by Weineng as of September 30, 2021 that were in excess to its active subscriber base as 53% (i.e. 21,053 excess battery packs, divided by 40,053 battery packs owned by Weineng as of September 30, 2021). The percentage was applied to total revenue recognized by NIO pertaining to the sale of battery packs to Weineng in the nine months ending September 30, 2021, resulting in oversold battery revenues of RMB 1,470 million (i.e. 53% oversold batteries x RMB 2,796 million in related party revenues from Weineng recorded by NIO for the nine months ending September 30, 2021).In the nine months ended September 30, 2021, NIO had reported total revenue of RMB 26,236 million and net losses of RMB 1,874 million. The RMB 1,470 million in oversold battery revenue represents 6% of total NIO revenues recognized over the nine-month reporting period.Considering Grizzly’s 20% profit margin assumption on battery pack sales as discussed in earlier sections, the oversold battery packs to Weineng would have generated net income of RMB 294 million in the nine months ending September 30, 2021. As such, backing out RMB 294 million in overstated profits back to NIO’s actual reported net losses of RMB 1,874 million in the nine-month period ending September 30, 2021 would have yield adjusted net losses of RMB 2,168 million, representing a variance of 16%.We have no issues with this calculation performed by Grizzly, other than concerns over the short-seller’s claims that these 20,053 battery packs were intentionally “oversold” by NIO to Weineng to artificially boost revenues.3. Shifting Depreciation CostsGrizzly’s Accusations.Grizzly has accused NIO of indirectly shifting depreciation costs on the battery packs sold to Weineng, saving the EV maker north of RMB 336 million in depreciation expense on an annual basis.Specifically, Grizzly has assumed a 20% profit margin on NIO’s battery sales totalling RMB 2,796 million generated from Weineng in the nine months ending September 30, 2021. This represents battery assets valued at a cost basis of RMB 2.25 billion (i.e. 80% cost x RMB 2,796 in battery sales to Weineng, adjusted for minor rounding differences) removed from the EV maker’s balance sheet over the same period.Based on the five to eight years useful life attributable to equipment, including battery packs, used in NIO’s Power Swap business as disclosed in its 2021 20F, Grizzly has assumed an annual depreciation rate of about 15% on the battery packs sold to Weineng and removed from NIO’s balance sheet in the nine months ending September 30, 2021. This is consistent with the assumed BaaS revenue recognition timeline of about seven years as discussed in earlier sections. As such, Grizzly has accused NIO of avoiding depreciation costs of RMB 336 million (i.e. 15% battery depreciation rate x RMB 2,796 million in battery pack sales to Weineng) in the nine months ending September 30, 2021. The short-seller has also alluded to the RMB 336 million as a proxy for annual depreciation costs that NIO has avoided via its arrangement with Weineng.Issue with Grizzly’s claim.There are two folds to this situation:1. BaaS Business Model:Under the BaaS business model, the battery packs are considered equipment used in facilitating a service business. As such, the related battery packs would be subjected to depreciation over its useful life. In NIO’s case, if Weineng never existed and the EV maker consolidates its BaaS business, NIO would have had to recognized BaaS revenues pertaining to the 19,000 battery packs that Grizzly has attributed to the BaaS business over seven years, and accordingly record depreciation costs on these battery packs as well over their useful lives of about seven years. As mentioned in earlier sections, the related journal entries under the BaaS business model is as follows:Journal Entries for BaaS Business Model (Author)2. Battery Sales Business Model:in the current situation where NIO has sold the battery packs to Weineng, the battery packs are considered inventory to NIO. There is no depreciation costs related to inventory under GAAP-based accounting. Instead, NIO needs to record the costs of this inventory when they are removed from its balance sheet once the sale is recognized. As mentioned in earlier sections, the related journal entries under the battery sale business model is as follows:Journal Entries for Battery Sales Business Model (Author)Now, in NIO’s current actual situation, it is engaged in a battery sales business model under its performance obligation to Weineng, while Weineng is engaged in a BaaS business model under its performance obligation to BaaS subscribers.As discussed in our first challenge to Grizzly’s calculations pertaining to pulled forward revenue on BaaS battery sales to Weineng, NIO would have recorded costs of sales pertaining to the sold battery inventory when it recognized the related revenues. And this cost of sales number, based on a 20% profit margin assumption consistent with that used by Grizzly, would have accounted for the costs of battery inventory removed from NIO’s balance sheet upon completion of the sale to Weineng. This is consistent with Grizzly’s own calculation pertaining to profit margins on the battery packs that it alleges NIO had oversupplied to Weineng, which is inclusive of cost of sales related to written off inventory incurred by NIO upon recognition of related revenues.If NIO was engaged in the BaaS business model itself, without the intervention of Weineng, it would have recognized depreciation at a rate of 15% per year on the battery packs. However, under the upfront sale of related battery packs to Weineng, NIO would have recorded related cost of sales at an upfront rate of 80% as well. So basically, instead of recording revenues and depreciation costs on battery packs over time, NIO essentially recorded revenues and battery inventory costs upfront under its current arrangement with Weineng.Grizzly’s calculation of quantified impacts.Grizzly’s accusation that NIO has overstated revenues and earnings by 10% and 95%, respectively, through its affiliation with Weineng is calculated as follows:Grizzly's Computation of Total Revenue and Income Inflation (Grizzly Research)As discussed in earlier sections, NIO’s pulled forward BaaS revenues and inflated battery sales revenues via its affiliation with Weineng represent 4% and 6% of its total revenues, respectively, recognized in the nine months ending September 30, 2021. This represents the 10% in inflated NIO revenues as Grizzly has outlined in the above calculation.Livy’s revised calculation of quantified impacts.While we have yet to reconcile the RMB 1,777 million in total inflated net income that Grizzly has accused NIO of recognizing (please let us know in comments if you know), we believe the 95% variance identified by Grizzly is not a fair presentation of the quantified impact of its core short thesis.Our calculation of the quantified impact pertaining to Grizzly’s accusations that NIO has inflated revenue and earnings through (1) pulling forward BaaS sales, and (2) oversupplying batteries to Weineng, is as follows:Livy's Computation of Alleged Overstatements Related to Alleged Frontloading of BaaS Revenue (Author)Livy's Computation of Alleged Overstatements Pertaining to Alleged Overselling of Battery Supplies (Author)Livy's Computation of Alleged Revenue Overstatement (Author)Livy's Computation of Alleged Overstatement in Net Income (Author)Under Grizzly’s accusations of inflated revenue and earnings by NIO through its affiliation with Weineng, if found valid (which we remain skeptical of), NIO would have overstated net losses in the nine months ending September 30, 2021 by 28% instead of the 95% that Grizzly alleges – a material difference that again misleads investors on the estimated quantified impact pertaining to the accusations claimed by the short-seller. The net income variance of RMB 523 million ($78 million) found in our calculation is also immaterial (< 1%) based on NIO’s market value of $58.38 billion as of September 30, 2021 and NIO’s market value of approximately $35 billion today.Final ThoughtsAs discussed in the introduction of this analysis, Grizzly had also touched on things like NIO CEO Li’s association with fraudulent personnel, the pledge of NIO User Trust to UBS AG, and conflict of interests to further support its argument that NIO is engaged in fraudulent financial reporting. However, these are groundless allegations that have yet to be substantiated to infer Li is committing fraud via NIO’s operations. While investors should always exercise professional skepticism on publicly disclosed information in regulatory filings when making investment decisions, the same skepticism should also be placed on external claims – such as those by the short-seller, commentary by external sources, and/or even commentary herein – especially if they argue that correlation = causation (e.g. Grizzly’s method in inferring that fraud at NIO is substantiated given “dirt” it has dug up on Li’s past).While we agree that there are some good takeaways from the short-seller report that may require further clarification from management, it is important to recognize and acknowledge that a lot of it might also be misleading – or in the words of Grizzly, “exaggerated”. This is also consistent with NIO’s stock performance during Tuesday and Wednesday’s session following release of the short-seller report. The stock has largely moved in consistency with the ongoing market rout, and broad-based selloff across the EV sector, with no extreme deviation due to the negative headline from Grizzly, which indicates that market participants, especially significant shareholders in NIO, are still digesting the latest external allegations.At the end of the day, NIO remains one of the most viable EV businesses in the emerging sector, with continued demand for its vehicles to support further growth over the long-run. Unlike some of the upstarts in the increasingly competitive EV landscape that have been accused of fraud, such as Nikola (NKLA), Lordstown Motors (RIDE), and Faraday Future (FFIE), NIO already operates a global business with a substantiated vehicle order book to support the bulk of its top- and bottom-line expansion, which continues to support its positive valuation prospects ahead.This article was written by Livy Investment Research","news_type":1},"isVote":1,"tweetType":1,"viewCount":286,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9042503323,"gmtCreate":1656490882962,"gmtModify":1676535839819,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like and no evidence to prove too&nbsp;","listText":"Please like and no evidence to prove too&nbsp;","text":"Please like and no evidence to prove too","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9042503323","repostId":"1163422349","repostType":2,"isVote":1,"tweetType":1,"viewCount":398,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9048707255,"gmtCreate":1656254687477,"gmtModify":1676535793060,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9048707255","repostId":"1159338271","repostType":2,"repost":{"id":"1159338271","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1656078353,"share":"https://ttm.financial/m/news/1159338271?lang=&edition=fundamental","pubTime":"2022-06-24 21:45","market":"us","language":"en","title":"EV Stocks Climbed in Morning Trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1159338271","media":"Tiger Newspress","summary":"EV Stocks climbed in morning trading. Tesla, Lucid, Rivian, Nio, Li Auto, Xpeng Motors, Polestar, Ar","content":"<html><head></head><body><p>EV Stocks climbed in morning trading. Tesla, Lucid, Rivian, Nio, Li Auto, Xpeng Motors, Polestar, Arrival, Tusimple and Lordstown climbed between 2% and 8%.</p><p><img src=\"https://static.tigerbbs.com/f3f3d0f30d90db5e8b9e055bdcbddef5\" tg-width=\"376\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV Stocks Climbed in Morning Trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEV Stocks Climbed in Morning Trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-06-24 21:45</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>EV Stocks climbed in morning trading. Tesla, Lucid, Rivian, Nio, Li Auto, Xpeng Motors, Polestar, Arrival, Tusimple and Lordstown climbed between 2% and 8%.</p><p><img src=\"https://static.tigerbbs.com/f3f3d0f30d90db5e8b9e055bdcbddef5\" tg-width=\"376\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WKHS":"Workhorse Group, Inc.","XPEV":"小鹏汽车","TSLA":"特斯拉","FSR":"菲斯克","NIO":"蔚来","PSNY":"极星汽车","RIVN":"Rivian Automotive, Inc.","LI":"理想汽车","LCID":"Lucid Group Inc"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159338271","content_text":"EV Stocks climbed in morning trading. Tesla, Lucid, Rivian, Nio, Li Auto, Xpeng Motors, Polestar, Arrival, Tusimple and Lordstown climbed between 2% and 8%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9041339308,"gmtCreate":1656005072304,"gmtModify":1676535748907,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9041339308","repostId":"1127981944","repostType":2,"repost":{"id":"1127981944","pubTimestamp":1655975703,"share":"https://ttm.financial/m/news/1127981944?lang=&edition=fundamental","pubTime":"2022-06-23 17:15","market":"us","language":"en","title":"Here’s Why Nio Stock is Trending Higher","url":"https://stock-news.laohu8.com/highlight/detail?id=1127981944","media":"TipRanks","summary":"Story HighlightsNio stock is trending higher due to an improving operating environment. Production r","content":"<div>\n<p>Story HighlightsNio stock is trending higher due to an improving operating environment. Production ramp-up and actions taken to combat rising costs are positives.A confluence of factors, including ...</p>\n\n<a href=\"https://www.tipranks.com/news/article/heres-why-nio-stock-is-trending-higher/\">Web Link</a>\n\n</div>\n","source":"lsy1606183248679","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here’s Why Nio Stock is Trending Higher</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere’s Why Nio Stock is Trending Higher\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-23 17:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.tipranks.com/news/article/heres-why-nio-stock-is-trending-higher/><strong>TipRanks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Story HighlightsNio stock is trending higher due to an improving operating environment. Production ramp-up and actions taken to combat rising costs are positives.A confluence of factors, including ...</p>\n\n<a href=\"https://www.tipranks.com/news/article/heres-why-nio-stock-is-trending-higher/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09866":"蔚来-SW","NIO":"蔚来","NIO.SI":"蔚来"},"source_url":"https://www.tipranks.com/news/article/heres-why-nio-stock-is-trending-higher/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127981944","content_text":"Story HighlightsNio stock is trending higher due to an improving operating environment. Production ramp-up and actions taken to combat rising costs are positives.A confluence of factors, including supply constraints, production challenges, cost headwinds, regulatory pressure, and COVID-led restrictions, took a toll on the shares of the Chinese EV (Electric Vehicle) maker Nio (NYSE: NIO).However, after several months of underperformance, Nio stock has begun to recover, jumping more than 37% in one month. Let’s look at the factors fueling the recovery in Nio stock.Is the Worst Over?While the operating environment remains challenging, a series of positive developments led to this appreciation in Nio stock.During the Q1 conference call, Nio announced that its supply chain and vehicle production have returned to normal starting from June. Moreover, its vehicle deliveries are also back on track in Shanghai and several other key markets.It’s worth mentioning that Nio delivered 5,074 and 7,024 vehicles in April and May. Moreover, it now expects to deliver 23,000 to 25,000 units in Q2. This implies that Nio vehicle deliveries will mark a solid sequential improvement in June, which is positive.While Nio’s vehicle margins dipped in Q1 and could remain challenged in Q2, management remains upbeat and expects margins to bounce back in Q3 of this year.Nio expects raw material prices to soften a bit in the coming months. Moreover, to mitigate higher costs, Nio is adjusting product prices and is focusing on increasing production output. These measures, along with higher deliveries, could cushion its margins in the coming quarters.What’s more? Highlighting the easing regulatory pressure, Nio’s CEO, William Li, stated, “Governments at all levels in China have also introduced a positive policy” that would support higher EV demand. Li added that the favorable policy support “will further promote the up trading and new purchase of premium smart electric vehicles.” This is a positive for Nio.Bottom LineStrong demand, an improving operating environment, including easing regulatory headwinds, new product launches, and production ramp-up, indicate that better days could be ahead for Nio. However, uncertainty related to the pandemic could play spoilsport.Nevertheless, Wall Street analysts are Bullish about NIO stock. It has received 14 unanimous Buy recommendations for a Strong Buy consensus rating.Further, the average Nio price target of $36.75 implies 63% upside potential. Also, Nio stock has an outperform Smart Score of 9 out of 10 on TipRanks.","news_type":1},"isVote":1,"tweetType":1,"viewCount":252,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9049437794,"gmtCreate":1655824862618,"gmtModify":1676535712659,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9049437794","repostId":"2244316994","repostType":2,"repost":{"id":"2244316994","pubTimestamp":1655684528,"share":"https://ttm.financial/m/news/2244316994?lang=&edition=fundamental","pubTime":"2022-06-20 08:22","market":"hk","language":"en","title":"Better EV Stock to Buy: Rivian vs. Nio","url":"https://stock-news.laohu8.com/highlight/detail?id=2244316994","media":"Motley Fool","summary":"Despite all the excitement around Rivian, Nio has the more established business.","content":"<html><head></head><body><p>Now that electric vehicle (EV) stocks have tumbled from excessive valuations, many people are looking closer at getting exposure to the sector. <b>Rivian Automotive</b> and China-based <b>Nio</b> are two popular names with investors.</p><p>That&#39;s understandable as they both have intriguing characteristics as potential investments. Rivian had a very successful initial public offering late last year and held $17 billion in cash as of March 31. Some of that also came from early investor <b>Amazon</b>, which also has placed an order with Rivian for 100,000 electric delivery vehicles. Nio, which operates in the two biggest global EV markets in China and Europe, already has a large customer base and popular products. So it&#39;s worthwhile to look at which would make the better investment right now.</p><h2>Valuation difference</h2><p>While Nio has a market cap of $32 billion compared to about $24 billion for Rivian, there&#39;s good reason for it to be worth more to investors. While neither is yet earning profits, <a href=\"https://laohu8.com/S/AONE.U\">one</a> way to value them right now is with a price-to-sales (P/S) ratio based on expected 2022 sales. And there&#39;s a big difference there.</p><p><img src=\"https://static.tigerbbs.com/66e82575b6fe0c986335bb0f2d7cd843\" tg-width=\"720\" tg-height=\"387\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>RIVN PS Ratio (Forward) data by YCharts</p><p>Rivian projects it will produce and sell 25,000 vehicles this year, with two-thirds going to consumers, and the balance being its electric delivery vehicles (EDVs) for Amazon. While its consumer trucks start around $70,000, the company hasn&#39;t disclosed the selling price for its EDV. But it isn&#39;t a stretch to think the commercial vans will be sold at a lower price, while consumers on average will spend more than just the base price for its pickup truck and SUV models. The above P/S estimate is based on the assumption that the overall revenue per vehicle sold will average out to over $70,000 this year.</p><p>Looking at Nio revenue is more straightforward since it has a track record with more than 200,000 EVs sold to date. It had revenue of about $1.5 billion in the first quarter and expects similar results for the second quarter. As supply chain and COVID-19-related headwinds are expected to lessen, and new models gain traction, the second half of the year should see better results.</p><h2>Knowns versus unknowns</h2><p>Those recent headwinds have impacted Nio&#39;s growth trajectory in recent months, with trailing-12-month sales leveling off.</p><p><img src=\"https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F685202%2Fniottmdeliveries_SDvYYzv.png&amp;w=700&amp;op=resize\" tg-width=\"700\" tg-height=\"421\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Data source: Nio. Chart by author.</p><p>But even if revenue growth slows to a minimum this year, it remains at a solid level after several years of sharply increasing sales.</p><p><img src=\"https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F685202%2Fniototalrevenue.png&amp;w=700&amp;op=resize\" tg-width=\"700\" tg-height=\"456\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Data source: Nio. Chart by author.</p><p>Nio has recently begun sales of the ET7, its first sedan model. The company delivered more than 1,700 ET7s in May, just a month after its initial shipments. It also will begin sales of the ET5 midsize sedan as well as a new SUV model later this year. Management has also expressed the desire to launch a sub-brand in the future that could attract more customers at a lower price point.</p><p>Rivian and Nio both involve risks. And both have plenty of future potential. But for those looking to take advantage of the recent revaluation in the EV sector, Nio comes with the more established business, and a lower relative price.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Better EV Stock to Buy: Rivian vs. Nio</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBetter EV Stock to Buy: Rivian vs. Nio\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-20 08:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/06/19/better-ev-stock-to-buy-rivian-vs-nio/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Now that electric vehicle (EV) stocks have tumbled from excessive valuations, many people are looking closer at getting exposure to the sector. Rivian Automotive and China-based Nio are two popular ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/06/19/better-ev-stock-to-buy-rivian-vs-nio/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RIVN":"Rivian Automotive, Inc.","09866":"蔚来-SW","NIO.SI":"蔚来","NIO":"蔚来"},"source_url":"https://www.fool.com/investing/2022/06/19/better-ev-stock-to-buy-rivian-vs-nio/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2244316994","content_text":"Now that electric vehicle (EV) stocks have tumbled from excessive valuations, many people are looking closer at getting exposure to the sector. Rivian Automotive and China-based Nio are two popular names with investors.That's understandable as they both have intriguing characteristics as potential investments. Rivian had a very successful initial public offering late last year and held $17 billion in cash as of March 31. Some of that also came from early investor Amazon, which also has placed an order with Rivian for 100,000 electric delivery vehicles. Nio, which operates in the two biggest global EV markets in China and Europe, already has a large customer base and popular products. So it's worthwhile to look at which would make the better investment right now.Valuation differenceWhile Nio has a market cap of $32 billion compared to about $24 billion for Rivian, there's good reason for it to be worth more to investors. While neither is yet earning profits, one way to value them right now is with a price-to-sales (P/S) ratio based on expected 2022 sales. And there's a big difference there.RIVN PS Ratio (Forward) data by YChartsRivian projects it will produce and sell 25,000 vehicles this year, with two-thirds going to consumers, and the balance being its electric delivery vehicles (EDVs) for Amazon. While its consumer trucks start around $70,000, the company hasn't disclosed the selling price for its EDV. But it isn't a stretch to think the commercial vans will be sold at a lower price, while consumers on average will spend more than just the base price for its pickup truck and SUV models. The above P/S estimate is based on the assumption that the overall revenue per vehicle sold will average out to over $70,000 this year.Looking at Nio revenue is more straightforward since it has a track record with more than 200,000 EVs sold to date. It had revenue of about $1.5 billion in the first quarter and expects similar results for the second quarter. As supply chain and COVID-19-related headwinds are expected to lessen, and new models gain traction, the second half of the year should see better results.Knowns versus unknownsThose recent headwinds have impacted Nio's growth trajectory in recent months, with trailing-12-month sales leveling off.Data source: Nio. Chart by author.But even if revenue growth slows to a minimum this year, it remains at a solid level after several years of sharply increasing sales.Data source: Nio. Chart by author.Nio has recently begun sales of the ET7, its first sedan model. The company delivered more than 1,700 ET7s in May, just a month after its initial shipments. It also will begin sales of the ET5 midsize sedan as well as a new SUV model later this year. Management has also expressed the desire to launch a sub-brand in the future that could attract more customers at a lower price point.Rivian and Nio both involve risks. And both have plenty of future potential. But for those looking to take advantage of the recent revaluation in the EV sector, Nio comes with the more established business, and a lower relative price.","news_type":1},"isVote":1,"tweetType":1,"viewCount":247,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9051604701,"gmtCreate":1654676329803,"gmtModify":1676535490482,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like&nbsp;","listText":"Please like&nbsp;","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9051604701","repostId":"2241070904","repostType":4,"repost":{"id":"2241070904","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1654691103,"share":"https://ttm.financial/m/news/2241070904?lang=&edition=fundamental","pubTime":"2022-06-08 20:25","market":"us","language":"en","title":"NIO's Earnings Are Coming, Expect Volatile Trading","url":"https://stock-news.laohu8.com/highlight/detail?id=2241070904","media":"Dow Jones","summary":"Investors hoping for news about Covid-19, supply-chain problems, and the state of electric-vehicle d","content":"<html><head></head><body><p>Investors hoping for news about Covid-19, supply-chain problems, and the state of electric-vehicle demand in China may want to watch the next set of results from <a href=\"https://laohu8.com/S/NIO\">NIO</a>.</p><p>The EV maker, which typically reports late in an earnings cycle, will disclose its earnings for the first quarter of 2022 on Thursday morning. The stock could use a boost.</p><p>Coming into Tuesday trading, shares were down about 39% so far this year, far worse than the 14% and 9% comparable, respective drops of the S&amp;P 500 and Dow Jones Industrial Average. The shares are down more than 70% from their record high of almost $67.</p><p>Part of the problem is that rising interest rates and inflation have sapped investors&#39; enthusiasm for richly valued growth stocks.</p><p>Wall Street is likely to focus on sales, earnings per share, and the outlook for deliveries for the current quarter. For the first quarter, Wall Street expects about $1.49 billion in sales and a 15-cent loss per American depositary receipt, which would be roughly in line with the numbers from the fourth quarter of 2021, when the company reported $1.55 billion in sales and a loss of about 16 cents per ADR.</p><p>First-quarter sales are expected to be roughly flat compared with the previous quarter because of deliveries. NIO delivered about 25,800 vehicles in the first quarter, just higher than the 25,000 it handed over to customers in the fourth quarter of 2021.</p><p>At this point, investors probably expect sales to be a little higher than Wall Street has penciled in, given that NIO&#39;s rivals Li Auto <a href=\"https://laohu8.com/S/LI\">$(LI)$</a> and XPeng <a href=\"https://laohu8.com/S/XPEV\">$(XPEV)$</a> both beat first-quarter estimates. Li shares rose 4.7% the day following its first-quarter report, while XPeng stock dropped 5.5% after it disclosed its numbers. Investors appeared disappointed with the number of vehicles XPeng forecasted for the second quarter.</p><p>XPeng, LI, and NIO typically issue forecasts for quarterly deliveries one quarter ahead. The second quarter of 2022, which has just a couple of weeks left, has been affected by Covid lockdowns in China. Manufacturers have taken downtime and operated at reduced rates, creating parts shortages, while lockdowns have affected sales.</p><p>NIO has delivered about 12,100 vehicle, combined, in April and May. Investors likely expect the full second-quarter number to come in at around 20,000 to 22,000 vehicles. That would imply about 8,000 or 10,000 vehicles delivered in June. That guidance would look similar to what XPeng and Li gave, adjusted for the size of each company.</p><p>Even though NIO reports after its peers, investors should still brace for some trading volatility. Options markets imply shares will move 10% to 12%, up or down, after earnings. That&#39;s more volatility than in recent quarters. NIO stock has moved an average of about 4.5%, up or down, following the past four quarterly reports.</p><p>Shares have fallen three of the four times the day following the report even though NIO has beaten sales estimates each time.</p><p>NIO management has scheduled a conference call to discuss the results for 8 a.m. Eastern time Thursday morning.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NIO's Earnings Are Coming, Expect Volatile Trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNIO's Earnings Are Coming, Expect Volatile Trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2022-06-08 20:25</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Investors hoping for news about Covid-19, supply-chain problems, and the state of electric-vehicle demand in China may want to watch the next set of results from <a href=\"https://laohu8.com/S/NIO\">NIO</a>.</p><p>The EV maker, which typically reports late in an earnings cycle, will disclose its earnings for the first quarter of 2022 on Thursday morning. The stock could use a boost.</p><p>Coming into Tuesday trading, shares were down about 39% so far this year, far worse than the 14% and 9% comparable, respective drops of the S&amp;P 500 and Dow Jones Industrial Average. The shares are down more than 70% from their record high of almost $67.</p><p>Part of the problem is that rising interest rates and inflation have sapped investors&#39; enthusiasm for richly valued growth stocks.</p><p>Wall Street is likely to focus on sales, earnings per share, and the outlook for deliveries for the current quarter. For the first quarter, Wall Street expects about $1.49 billion in sales and a 15-cent loss per American depositary receipt, which would be roughly in line with the numbers from the fourth quarter of 2021, when the company reported $1.55 billion in sales and a loss of about 16 cents per ADR.</p><p>First-quarter sales are expected to be roughly flat compared with the previous quarter because of deliveries. NIO delivered about 25,800 vehicles in the first quarter, just higher than the 25,000 it handed over to customers in the fourth quarter of 2021.</p><p>At this point, investors probably expect sales to be a little higher than Wall Street has penciled in, given that NIO&#39;s rivals Li Auto <a href=\"https://laohu8.com/S/LI\">$(LI)$</a> and XPeng <a href=\"https://laohu8.com/S/XPEV\">$(XPEV)$</a> both beat first-quarter estimates. Li shares rose 4.7% the day following its first-quarter report, while XPeng stock dropped 5.5% after it disclosed its numbers. Investors appeared disappointed with the number of vehicles XPeng forecasted for the second quarter.</p><p>XPeng, LI, and NIO typically issue forecasts for quarterly deliveries one quarter ahead. The second quarter of 2022, which has just a couple of weeks left, has been affected by Covid lockdowns in China. Manufacturers have taken downtime and operated at reduced rates, creating parts shortages, while lockdowns have affected sales.</p><p>NIO has delivered about 12,100 vehicle, combined, in April and May. Investors likely expect the full second-quarter number to come in at around 20,000 to 22,000 vehicles. That would imply about 8,000 or 10,000 vehicles delivered in June. That guidance would look similar to what XPeng and Li gave, adjusted for the size of each company.</p><p>Even though NIO reports after its peers, investors should still brace for some trading volatility. Options markets imply shares will move 10% to 12%, up or down, after earnings. That&#39;s more volatility than in recent quarters. NIO stock has moved an average of about 4.5%, up or down, following the past four quarterly reports.</p><p>Shares have fallen three of the four times the day following the report even though NIO has beaten sales estimates each time.</p><p>NIO management has scheduled a conference call to discuss the results for 8 a.m. Eastern time Thursday morning.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09866":"蔚来-SW","NIO.SI":"蔚来","NIO":"蔚来"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2241070904","content_text":"Investors hoping for news about Covid-19, supply-chain problems, and the state of electric-vehicle demand in China may want to watch the next set of results from NIO.The EV maker, which typically reports late in an earnings cycle, will disclose its earnings for the first quarter of 2022 on Thursday morning. The stock could use a boost.Coming into Tuesday trading, shares were down about 39% so far this year, far worse than the 14% and 9% comparable, respective drops of the S&P 500 and Dow Jones Industrial Average. The shares are down more than 70% from their record high of almost $67.Part of the problem is that rising interest rates and inflation have sapped investors' enthusiasm for richly valued growth stocks.Wall Street is likely to focus on sales, earnings per share, and the outlook for deliveries for the current quarter. For the first quarter, Wall Street expects about $1.49 billion in sales and a 15-cent loss per American depositary receipt, which would be roughly in line with the numbers from the fourth quarter of 2021, when the company reported $1.55 billion in sales and a loss of about 16 cents per ADR.First-quarter sales are expected to be roughly flat compared with the previous quarter because of deliveries. NIO delivered about 25,800 vehicles in the first quarter, just higher than the 25,000 it handed over to customers in the fourth quarter of 2021.At this point, investors probably expect sales to be a little higher than Wall Street has penciled in, given that NIO's rivals Li Auto $(LI)$ and XPeng $(XPEV)$ both beat first-quarter estimates. Li shares rose 4.7% the day following its first-quarter report, while XPeng stock dropped 5.5% after it disclosed its numbers. Investors appeared disappointed with the number of vehicles XPeng forecasted for the second quarter.XPeng, LI, and NIO typically issue forecasts for quarterly deliveries one quarter ahead. The second quarter of 2022, which has just a couple of weeks left, has been affected by Covid lockdowns in China. Manufacturers have taken downtime and operated at reduced rates, creating parts shortages, while lockdowns have affected sales.NIO has delivered about 12,100 vehicle, combined, in April and May. Investors likely expect the full second-quarter number to come in at around 20,000 to 22,000 vehicles. That would imply about 8,000 or 10,000 vehicles delivered in June. That guidance would look similar to what XPeng and Li gave, adjusted for the size of each company.Even though NIO reports after its peers, investors should still brace for some trading volatility. Options markets imply shares will move 10% to 12%, up or down, after earnings. That's more volatility than in recent quarters. NIO stock has moved an average of about 4.5%, up or down, following the past four quarterly reports.Shares have fallen three of the four times the day following the report even though NIO has beaten sales estimates each time.NIO management has scheduled a conference call to discuss the results for 8 a.m. Eastern time Thursday morning.","news_type":1},"isVote":1,"tweetType":1,"viewCount":518,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9053814249,"gmtCreate":1654515729281,"gmtModify":1676535460424,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9053814249","repostId":"1175038641","repostType":4,"repost":{"id":"1175038641","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1654504746,"share":"https://ttm.financial/m/news/1175038641?lang=&edition=fundamental","pubTime":"2022-06-06 16:39","market":"us","language":"en","title":"Shares of Chinese EV Makers Jump Premarket on Stronger Sales, Outlook","url":"https://stock-news.laohu8.com/highlight/detail?id=1175038641","media":"Tiger Newspress","summary":"Shares of Chinese electric-vehicle makers rose in premarket trading, boosted by positive monthly sal","content":"<html><head></head><body><p>Shares of Chinese electric-vehicle makers rose in premarket trading, boosted by positive monthly sales numbers and expectations of rising demand.</p><p><a href=\"https://laohu8.com/S/LI\">Li Auto</a> stock rose 9%, while XPeng Inc. <a href=\"https://laohu8.com/S/XPEV\">$(XPEV)$</a> and NIO Inc. <a href=\"https://laohu8.com/S/NIO\">$(NIO)$</a> gained as much as 5.55% and 5.64%, respectively.</p><p><img src=\"https://static.tigerbbs.com/5f177ce0435dd987b8ea25d6bf33365c\" tg-width=\"365\" tg-height=\"226\" width=\"100%\" height=\"auto\"/></p><p>Li Auto demonstrated &#34;strong operational resilience,&#34; with sales numbers for May released last week showing a near tripling in delivery volume from the previous month, Bocom International analysts said in a research note. &#34;We expect emerging [original equipment manufacturers] to see sequential recovery ahead as [the] Shanghai lockdown ends,&#34; they said.</p><p>Citi analysts picked Li Auto as a key beneficiary among EV makers of strong post-lockdown demand, citing in a note that the company&#39;s management has a strong order outlook thanks to the coming launch of the L9 model.</p><p>In another note, Citi analysts highlighted that BYD&#39;s EV sales more than doubled in May from a year earlier, calling the result strong and in line with estimates.</p><p>Citi also highlighted the tax exemptions and subsidies for EV purchases offered by the Chinese government and said rising fuel prices could encourage more customers to opt for EVs.</p><p>Citi maintained its buy rating and US$26.80 target price on Li Auto&#39;s American depositary receipts. It kept a buy rating on BYD, with a target price of 587 Hong Kong dollars (US$74.82) on the company&#39;s H shares.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Shares of Chinese EV Makers Jump Premarket on Stronger Sales, Outlook</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nShares of Chinese EV Makers Jump Premarket on Stronger Sales, Outlook\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-06-06 16:39</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Shares of Chinese electric-vehicle makers rose in premarket trading, boosted by positive monthly sales numbers and expectations of rising demand.</p><p><a href=\"https://laohu8.com/S/LI\">Li Auto</a> stock rose 9%, while XPeng Inc. <a href=\"https://laohu8.com/S/XPEV\">$(XPEV)$</a> and NIO Inc. <a href=\"https://laohu8.com/S/NIO\">$(NIO)$</a> gained as much as 5.55% and 5.64%, respectively.</p><p><img src=\"https://static.tigerbbs.com/5f177ce0435dd987b8ea25d6bf33365c\" tg-width=\"365\" tg-height=\"226\" width=\"100%\" height=\"auto\"/></p><p>Li Auto demonstrated &#34;strong operational resilience,&#34; with sales numbers for May released last week showing a near tripling in delivery volume from the previous month, Bocom International analysts said in a research note. &#34;We expect emerging [original equipment manufacturers] to see sequential recovery ahead as [the] Shanghai lockdown ends,&#34; they said.</p><p>Citi analysts picked Li Auto as a key beneficiary among EV makers of strong post-lockdown demand, citing in a note that the company&#39;s management has a strong order outlook thanks to the coming launch of the L9 model.</p><p>In another note, Citi analysts highlighted that BYD&#39;s EV sales more than doubled in May from a year earlier, calling the result strong and in line with estimates.</p><p>Citi also highlighted the tax exemptions and subsidies for EV purchases offered by the Chinese government and said rising fuel prices could encourage more customers to opt for EVs.</p><p>Citi maintained its buy rating and US$26.80 target price on Li Auto&#39;s American depositary receipts. It kept a buy rating on BYD, with a target price of 587 Hong Kong dollars (US$74.82) on the company&#39;s H shares.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LI":"理想汽车","NIO":"蔚来","XPEV":"小鹏汽车"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175038641","content_text":"Shares of Chinese electric-vehicle makers rose in premarket trading, boosted by positive monthly sales numbers and expectations of rising demand.Li Auto stock rose 9%, while XPeng Inc. $(XPEV)$ and NIO Inc. $(NIO)$ gained as much as 5.55% and 5.64%, respectively.Li Auto demonstrated \"strong operational resilience,\" with sales numbers for May released last week showing a near tripling in delivery volume from the previous month, Bocom International analysts said in a research note. \"We expect emerging [original equipment manufacturers] to see sequential recovery ahead as [the] Shanghai lockdown ends,\" they said.Citi analysts picked Li Auto as a key beneficiary among EV makers of strong post-lockdown demand, citing in a note that the company's management has a strong order outlook thanks to the coming launch of the L9 model.In another note, Citi analysts highlighted that BYD's EV sales more than doubled in May from a year earlier, calling the result strong and in line with estimates.Citi also highlighted the tax exemptions and subsidies for EV purchases offered by the Chinese government and said rising fuel prices could encourage more customers to opt for EVs.Citi maintained its buy rating and US$26.80 target price on Li Auto's American depositary receipts. It kept a buy rating on BYD, with a target price of 587 Hong Kong dollars (US$74.82) on the company's H shares.","news_type":1},"isVote":1,"tweetType":1,"viewCount":209,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9027585442,"gmtCreate":1654051132286,"gmtModify":1676535385956,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9027585442","repostId":"2240543892","repostType":4,"isVote":1,"tweetType":1,"viewCount":298,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9025635575,"gmtCreate":1653670886497,"gmtModify":1676535324577,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9025635575","repostId":"2238654869","repostType":4,"repost":{"id":"2238654869","pubTimestamp":1653665469,"share":"https://ttm.financial/m/news/2238654869?lang=&edition=fundamental","pubTime":"2022-05-27 23:31","market":"us","language":"en","title":"Why Citi Says It’s Finally Time to Start Buying Stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=2238654869","media":"Barrons","summary":"It’s been a long slog this year for the plummeting stock market. Citigroup’s model that forecasts th","content":"<html><head></head><body><p>It’s been a long slog this year for the plummeting stock market. Citigroup’s model that forecasts the chances that stocks will head into a bear market shows that the market looks like more of a buy right now.</p><p>The iShares MSCI ACWI exchange-traded fund (ACWI) has dropped about 14% this year, and for the same reasons the S&amp;P 500 and Dow Jones Industrial Average have fallen as well: High inflation, made worse by commodity restrictions resulting from the Russia-Ukraine conflict, has hurt consumer demand; cost inflation has dented companies’ profit margins; central banks are tightening monetary policy to reduce inflation, moves that will further slow economic growth.</p><p>These issues, which the market is still trying to come to terms with, have recently kept many on Wall Street from recommending stocks. Some market technicians, for instance, recently said the S&amp;P 500 could fall another 10% or more even from its relatively low level.</p><p>But the global equity strategists at Citi have a model, a “bear market checklist,” that currently says buying the market appears relatively safe right now. The model considers 18 subfactors within the broader categories of valuations, bond market indicters, investor sentiment, corporate decisions and financing, profitability, and balance sheets. When close to all 18 subfactors are flashing sell signals, it often means a bear market—defined as a 20% drop—is coming. Fortunately right now, only six of the 18 factors are flashing sell signals. “Our global Bear Market Checklist wants to buy this dip,” writes Robert Buckland, equity strategist at Citi.</p><p>For reference, the current number of sell signals is well below previous readings that preceded bear markets. In March of 2000, 17.5 of the factors indicated a sell, just before a bear market. In October of 2007, 13 signals showed sell just before a bear market.</p><p>Here’s a look at where the signals stand now. First, a few of the negative signals:</p><p>The first ominous sign is the yield curve. The 10-year Treasury yield is just 0.27 percentage points above the 2-year yield. That’s down from a 0.78 percentage point difference to start this year. The narrowing difference means that short-term yields have risen faster than longer-term yields. Currently, that reflects that higher inflation and interest rates today will damage economic demand.</p><p>The other noteworthy sell signal is analyst stock recommendations, which are too bullish for the moment. In fact, aggregate 2022 analyst earnings per share expectations for companies on the MSCI ACWI ETF have risen 2.6% year-to-date, according to FactSet. That’s partly because companies have largely beaten profit forecasts to start the year, and the exact impact of higher rates and inflation on future sales is hard for company analysts to quantify at this stage. So earnings estimates, in time, could come down.</p><p>But there are a host of other positive indicators, 12 of them to be exact. To be sure, the risks to the economy and earnings haven’t gone away, but they may be reflected in stock prices already. Meanwhile, data like improving flows of money into equity funds are signs that buyers are coming back into the market.</p><p>At the very least, it makes some sense to buy a few shares of companies here and there.</p></body></html>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Citi Says It’s Finally Time to Start Buying Stocks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Citi Says It’s Finally Time to Start Buying Stocks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-27 23:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/time-to-buy-stock-market-dip-51653596326?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It’s been a long slog this year for the plummeting stock market. Citigroup’s model that forecasts the chances that stocks will head into a bear market shows that the market looks like more of a buy ...</p>\n\n<a href=\"https://www.barrons.com/articles/time-to-buy-stock-market-dip-51653596326?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/time-to-buy-stock-market-dip-51653596326?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2238654869","content_text":"It’s been a long slog this year for the plummeting stock market. Citigroup’s model that forecasts the chances that stocks will head into a bear market shows that the market looks like more of a buy right now.The iShares MSCI ACWI exchange-traded fund (ACWI) has dropped about 14% this year, and for the same reasons the S&P 500 and Dow Jones Industrial Average have fallen as well: High inflation, made worse by commodity restrictions resulting from the Russia-Ukraine conflict, has hurt consumer demand; cost inflation has dented companies’ profit margins; central banks are tightening monetary policy to reduce inflation, moves that will further slow economic growth.These issues, which the market is still trying to come to terms with, have recently kept many on Wall Street from recommending stocks. Some market technicians, for instance, recently said the S&P 500 could fall another 10% or more even from its relatively low level.But the global equity strategists at Citi have a model, a “bear market checklist,” that currently says buying the market appears relatively safe right now. The model considers 18 subfactors within the broader categories of valuations, bond market indicters, investor sentiment, corporate decisions and financing, profitability, and balance sheets. When close to all 18 subfactors are flashing sell signals, it often means a bear market—defined as a 20% drop—is coming. Fortunately right now, only six of the 18 factors are flashing sell signals. “Our global Bear Market Checklist wants to buy this dip,” writes Robert Buckland, equity strategist at Citi.For reference, the current number of sell signals is well below previous readings that preceded bear markets. In March of 2000, 17.5 of the factors indicated a sell, just before a bear market. In October of 2007, 13 signals showed sell just before a bear market.Here’s a look at where the signals stand now. First, a few of the negative signals:The first ominous sign is the yield curve. The 10-year Treasury yield is just 0.27 percentage points above the 2-year yield. That’s down from a 0.78 percentage point difference to start this year. The narrowing difference means that short-term yields have risen faster than longer-term yields. Currently, that reflects that higher inflation and interest rates today will damage economic demand.The other noteworthy sell signal is analyst stock recommendations, which are too bullish for the moment. In fact, aggregate 2022 analyst earnings per share expectations for companies on the MSCI ACWI ETF have risen 2.6% year-to-date, according to FactSet. That’s partly because companies have largely beaten profit forecasts to start the year, and the exact impact of higher rates and inflation on future sales is hard for company analysts to quantify at this stage. So earnings estimates, in time, could come down.But there are a host of other positive indicators, 12 of them to be exact. To be sure, the risks to the economy and earnings haven’t gone away, but they may be reflected in stock prices already. Meanwhile, data like improving flows of money into equity funds are signs that buyers are coming back into the market.At the very least, it makes some sense to buy a few shares of companies here and there.","news_type":1},"isVote":1,"tweetType":1,"viewCount":294,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9061809416,"gmtCreate":1651592834856,"gmtModify":1676534932615,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like . Nio to the moon","listText":"Please like . Nio to the moon","text":"Please like . Nio to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9061809416","repostId":"2232108640","repostType":2,"isVote":1,"tweetType":1,"viewCount":235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9080951112,"gmtCreate":1649836406555,"gmtModify":1676534586861,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like&nbsp;","listText":"Please like&nbsp;","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9080951112","repostId":"2227664437","repostType":4,"repost":{"id":"2227664437","pubTimestamp":1649817058,"share":"https://ttm.financial/m/news/2227664437?lang=&edition=fundamental","pubTime":"2022-04-13 10:30","market":"us","language":"en","title":"NIO: Don't Buy Into The Fear, NIO Is An EV Pioneer","url":"https://stock-news.laohu8.com/highlight/detail?id=2227664437","media":"seekingalpha","summary":"Thesis SummaryNIO Inc (NYSE:NIO) has seen its share price drop by near 15% in the last five days. Wh","content":"<html><head></head><body><h2>Thesis Summary</h2><p>NIO Inc (NYSE:NIO) has seen its share price drop by near 15% in the last five days. While general market weakness has certainly played a part in this, NIO has been facing challenges at home. Most notably, NIO has had to suspend production due to COVID induced lockdowns around China. This is cause for concern, but the current sell-off is overblown.</p><p>A lot has happened with NIO in the last couple of weeks, and if we look at these developments closely, we can see that the good outweighs the bad. NIO is transforming itself into much more than an EV maker.</p><h2>Supply Issues Are Overblown</h2><p>First off, let’s address the issue of supply. NIO has been forced to suspend production because many of its supply partners are in cities facing harsh lockdowns. These include Jilin, Shanghai and Jiangsu. Shanghai, where NIO is headquartered, has been in a phased lockdown since the end of March.</p><p>NIO is no stranger to production halts, as it also faced issues in October 2021, when production was stopped due to upgrades being carried out. These were necessary to begin production of the ET7.</p><p>Having to stop production is a problem for a car company, but investors should not be overly concerned.</p><p>For starters, NIO is not the only <a href=\"https://laohu8.com/S/AONE.U\">one</a> facing this problem. Other EV makers such as Tesla Inc (TSLA) and XPeng (XPEV) have also halted production. This is a sector-wide problem that doesn’t only affect NIO.</p><p>Secondly, investors should understand that, where possible, work is being carried out. Halting production doesn’t mean that the factory is closed down. In fact, NIO could use this as a chance to carry out further upgrades to its supply lines, since I believe there is still work to be done in that area.</p><p>Lastly, it is worth mentioning that NIO, which has often been criticized for not having its production facilities, is addressing this issue head-on. In my last article, I mentioned that NIO has almost completed the building of its F2 manufacturing facility in the NeoPark. With both factories fully operational, NIO will be able to produce close to 240,000 units per year</p><p>More importantly though, last week NIO increased its stake in its joint venture with JAC Motors to 50%. JAC is NIO’s main production partner, and the two established a JV on March 31st of 2021 called Jianglai. Rumor is that Jianglai will be responsible for producing NIO’s sub-brand, which targets the mass market.</p><h2>NIO: More than a car company</h2><p>While investors are panicking over the supply issues, NIO is delivering encouraging news and catalysts for future growth.</p><p>First off, NIO reported very strong monthly deliveries, with a 37.6% YoY increase. NIO deployed 884 Power Swap stations and 727 Power Charger stations, as well as 3,832 destination chargers in China. And this is where it gets interesting.</p><p>NIO has recently begun building out its power stations in Europe, and the company is in talks with other car companies to begin leasing out its infrastructure. This would be a huge move for NIO and could change the way the company is perceived by the market.</p><p>What separates NIO from other EV companies are two things. One is that it primarily promotes the utilization of Battery-as-a-Service. And two, that it has built out an immense infrastructure of battery swap stations in China, and is now doing this to Europe.</p><p>Building swap stations are big investments, with estimated costs of $772,00, in China, and charging other companies to use its battery swap stations would be a win-win. It would help NIO monetize its infrastructure, and save other EV manufacturers millions in investments.</p><p>In order for other EVs to use these stations, though, there would have to be some degree of standardization in the batteries, but this doesn&#39;t have to be an obstacle. NIO could also lend other companies a hand in designing their batteries, an area in which NIO has extensive expertise. NIO has a total of 2,768 patents in China, 204 in Europe and 193 more in the United States.</p><p>NIO is not only an EV manufacturer, it is a company with a very large infrastructure and extensive intellectual capital. This is perhaps the most significant reason I own NIO.</p><p>For now, it seems like Lotus Technology could be one of NIO’s first customers. It is worth mentioning though, that Lotus is partially owned by NIO</p><h2>Risks</h2><p>What I like about NIO is that it is laying the foundations for long-term success. However, the question remains whether BaaS will become standard practice amongst EV manufacturers. NIO certainly believes so and has placed its battery swap stations next to Tesla’s superchargers, to showcase the improved user experience.</p><p>NIO’s battery swap stations can change a battery in a matter of minutes. This also entails that you can always have a fully serviced battery, and the initial cost for the car is cheaper, with the battery cost being spread out month-to-month.</p><p>However, while the service is superior, in the long run, this is a more expensive endeavor. It involves changing the battery every time and building out a much more expensive network of stations.</p><p>Tesla’s superchargers are much cheaper to install, and they can charge 200 miles in 15 minutes. Is NIO’s battery swap worth it? The consumer will decide that. However, what is most concerning to me is that battery technology is still in its early stages. A lot may change in the next few years, including sizes, materials needed and charging times. Improvements in battery technology could render the advantages of BaaS over regular charging obsolete.</p><h2>Takeaway</h2><p>NIO’s shares have slid significantly in the last week, and this doesn&#39;t reflect the reality of what is happening. While supply issues are a challenge, NIO’s expansion in Europe and its growth prospects beyond the sale of EVs should be more than enough to keep investors interested. NIO is a leader in battery technology and is building out an incredibly valuable infrastructure. It’s just a matter of time before the market realizes this.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NIO: Don't Buy Into The Fear, NIO Is An EV Pioneer</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNIO: Don't Buy Into The Fear, NIO Is An EV Pioneer\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-13 10:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4501051-nio-dont-buy-into-the-fear-nio-is-an-ev-pioneer><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Thesis SummaryNIO Inc (NYSE:NIO) has seen its share price drop by near 15% in the last five days. While general market weakness has certainly played a part in this, NIO has been facing challenges at ...</p>\n\n<a href=\"https://seekingalpha.com/article/4501051-nio-dont-buy-into-the-fear-nio-is-an-ev-pioneer\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4532":"文艺复兴科技持仓","BK4099":"汽车制造商","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","BK4581":"高盛持仓","BK4509":"腾讯概念","NIO":"蔚来","BK4531":"中概回港概念","BK4548":"巴美列捷福持仓","BK4574":"无人驾驶","BK4534":"瑞士信贷持仓","BK4505":"高瓴资本持仓","BK4526":"热门中概股","BK4555":"新能源车","BK4504":"桥水持仓"},"source_url":"https://seekingalpha.com/article/4501051-nio-dont-buy-into-the-fear-nio-is-an-ev-pioneer","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2227664437","content_text":"Thesis SummaryNIO Inc (NYSE:NIO) has seen its share price drop by near 15% in the last five days. While general market weakness has certainly played a part in this, NIO has been facing challenges at home. Most notably, NIO has had to suspend production due to COVID induced lockdowns around China. This is cause for concern, but the current sell-off is overblown.A lot has happened with NIO in the last couple of weeks, and if we look at these developments closely, we can see that the good outweighs the bad. NIO is transforming itself into much more than an EV maker.Supply Issues Are OverblownFirst off, let’s address the issue of supply. NIO has been forced to suspend production because many of its supply partners are in cities facing harsh lockdowns. These include Jilin, Shanghai and Jiangsu. Shanghai, where NIO is headquartered, has been in a phased lockdown since the end of March.NIO is no stranger to production halts, as it also faced issues in October 2021, when production was stopped due to upgrades being carried out. These were necessary to begin production of the ET7.Having to stop production is a problem for a car company, but investors should not be overly concerned.For starters, NIO is not the only one facing this problem. Other EV makers such as Tesla Inc (TSLA) and XPeng (XPEV) have also halted production. This is a sector-wide problem that doesn’t only affect NIO.Secondly, investors should understand that, where possible, work is being carried out. Halting production doesn’t mean that the factory is closed down. In fact, NIO could use this as a chance to carry out further upgrades to its supply lines, since I believe there is still work to be done in that area.Lastly, it is worth mentioning that NIO, which has often been criticized for not having its production facilities, is addressing this issue head-on. In my last article, I mentioned that NIO has almost completed the building of its F2 manufacturing facility in the NeoPark. With both factories fully operational, NIO will be able to produce close to 240,000 units per yearMore importantly though, last week NIO increased its stake in its joint venture with JAC Motors to 50%. JAC is NIO’s main production partner, and the two established a JV on March 31st of 2021 called Jianglai. Rumor is that Jianglai will be responsible for producing NIO’s sub-brand, which targets the mass market.NIO: More than a car companyWhile investors are panicking over the supply issues, NIO is delivering encouraging news and catalysts for future growth.First off, NIO reported very strong monthly deliveries, with a 37.6% YoY increase. NIO deployed 884 Power Swap stations and 727 Power Charger stations, as well as 3,832 destination chargers in China. And this is where it gets interesting.NIO has recently begun building out its power stations in Europe, and the company is in talks with other car companies to begin leasing out its infrastructure. This would be a huge move for NIO and could change the way the company is perceived by the market.What separates NIO from other EV companies are two things. One is that it primarily promotes the utilization of Battery-as-a-Service. And two, that it has built out an immense infrastructure of battery swap stations in China, and is now doing this to Europe.Building swap stations are big investments, with estimated costs of $772,00, in China, and charging other companies to use its battery swap stations would be a win-win. It would help NIO monetize its infrastructure, and save other EV manufacturers millions in investments.In order for other EVs to use these stations, though, there would have to be some degree of standardization in the batteries, but this doesn't have to be an obstacle. NIO could also lend other companies a hand in designing their batteries, an area in which NIO has extensive expertise. NIO has a total of 2,768 patents in China, 204 in Europe and 193 more in the United States.NIO is not only an EV manufacturer, it is a company with a very large infrastructure and extensive intellectual capital. This is perhaps the most significant reason I own NIO.For now, it seems like Lotus Technology could be one of NIO’s first customers. It is worth mentioning though, that Lotus is partially owned by NIORisksWhat I like about NIO is that it is laying the foundations for long-term success. However, the question remains whether BaaS will become standard practice amongst EV manufacturers. NIO certainly believes so and has placed its battery swap stations next to Tesla’s superchargers, to showcase the improved user experience.NIO’s battery swap stations can change a battery in a matter of minutes. This also entails that you can always have a fully serviced battery, and the initial cost for the car is cheaper, with the battery cost being spread out month-to-month.However, while the service is superior, in the long run, this is a more expensive endeavor. It involves changing the battery every time and building out a much more expensive network of stations.Tesla’s superchargers are much cheaper to install, and they can charge 200 miles in 15 minutes. Is NIO’s battery swap worth it? The consumer will decide that. However, what is most concerning to me is that battery technology is still in its early stages. A lot may change in the next few years, including sizes, materials needed and charging times. Improvements in battery technology could render the advantages of BaaS over regular charging obsolete.TakeawayNIO’s shares have slid significantly in the last week, and this doesn't reflect the reality of what is happening. While supply issues are a challenge, NIO’s expansion in Europe and its growth prospects beyond the sale of EVs should be more than enough to keep investors interested. NIO is a leader in battery technology and is building out an incredibly valuable infrastructure. It’s just a matter of time before the market realizes this.","news_type":1},"isVote":1,"tweetType":1,"viewCount":167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9015992413,"gmtCreate":1649404839498,"gmtModify":1676534506854,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like&nbsp;","listText":"Please like&nbsp;","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9015992413","repostId":"1110987574","repostType":4,"isVote":1,"tweetType":1,"viewCount":100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9018595197,"gmtCreate":1649056240693,"gmtModify":1676534442880,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"please like","listText":"please like","text":"please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9018595197","repostId":"1119469547","repostType":2,"repost":{"id":"1119469547","pubTimestamp":1649028299,"share":"https://ttm.financial/m/news/1119469547?lang=&edition=fundamental","pubTime":"2022-04-04 07:24","market":"us","language":"en","title":"Ignore NIO Stock’s Minor Bumps and Hold On as EV Maker Goes Full Growth","url":"https://stock-news.laohu8.com/highlight/detail?id=1119469547","media":"InvestorPlace","summary":"Nio’s(NIO) March delivery numbers are a huge rebound.The company is also introducing two new models ","content":"<html><head></head><body><ul><li><b>Nio’s</b>(<b><u>NIO</u></b>) March delivery numbers are a huge rebound.</li><li>The company is also introducing two new models this year.</li><li>With the electric vehicle maker clearly in a growth stage, NIO stock is a strong buy.</li></ul><p>Shares of EV maker <b>Nio</b> (NYSE:<b><u>NIO</u></b>) have consistently declined since the start of the year. There was a time when the company was considered one of the top electric vehicle makers and it showed its potential in the delivery numbers month after month. NIO stock investors rode a 1,172% rise in 2020.</p><p>However, several macroeconomic factors brought that rise to a halt in January 2021 after NIO stock hit an all-time high of $62. It has been declining since then, including a 31% drop in the first three months of this year. There are concerns about the delisting of Chinese companies, supply chain issues, and the war, which has had an impact on the EV maker.</p><p>However, investors need to look beyond the temporary lows and see the bigger picture. NIO stock might be down today but it certainly has the potential to pick up. The stock can hit an all-time high this year and the current dip is a good chance to add the stock to your portfolio. Nio is in a growth stage and the company is working to make an impact on the competitive EV industry. With that in mind, let’s dig deeper into why you should hold tight to NIO stock.</p><p>Production Numbers Are Growing</p><p>Due to the Lunar New Year holiday, several companies saw slow first-quarter growth and even Nio had downtime before its new EV launch. This may have had an impact on the January and February deliveries but we saw a solid rebound in March delivery numbers.</p><p>With a target of25,000 to 26,000 EVs for the quarter, the company reported deliveries of 25,768 vehicles in the three months ended March 2022, increasing by 28.5% year-over-year. That included 9,985 vehicles in March alone after delivering 9,652 EVs in January and 6,131 EVs in February. Cumulative deliveries of vehicles as of March 31, 2022 reached 192,838.</p><p>Despite the supply chain issues, we have consistently seen a rise in the quarterly deliveries which is proof that consumers are enjoying NIO EVs and there is solid demand in the market. Nio ended the year with a cash balance of$8.7 billion and it expects the first-quarter revenues to be between $1.51 million to $1.56 million. It’s looking more and more like Nio will hit the projected numbers.</p><p>That said, the company has started deliveries of the ET7, putting 163 owners behind the wheel of that model in March. Besides the ET7, Nio will be launching two new products this year. The EV maker is still in a growth stage and looks like this is only the beginning. Other Chinese car makers also saw big production gains in March.</p><p>The earlierQ4 numbers guidance may not have met analysts expectations but the deliveries are certainly growing and this means Nio is doing something right. Once its new manufacturing facility starts operations in the third quarter, there is no looking back for the EV maker.</p><p>The Bottom Line On NIO Stock</p><p><b>ARK Investment’s</b> Cathie Wood also thinks it is a good time to buy NIO stock. The fund manager purchased Nio shares worth $8.4 million for the first time last week for its <b>Ark Autonomous Technology &amp; Robotics ETF</b>(BATS:<b><u>ARKQ</u></b>).</p><p>Further,<b>Mizuho</b> analyst Vijay Rakesh has a price target of $60 for the stock with a “buy” rating based on the quarterly results. The analyst added that despite the short-term supply headwinds, the company is well-positioned for long-term growth. Further, <b>Nomura</b> analyst Martin Heunghas a price target of $51.50 on the stock with a “buy” rating.</p><p>Q4 may not have been an easy three months for the company, the deliveries fell below consensus and there were supply chain issues but it is a matter of the past. Nio is ready for a solid year ahead and if it manages to execute well on the projections, it will be able to see massive growth this year.</p><p>Let’s not forget the global expansion and mass-market launch plans that the company is already working on. NIO Stock has long-term potential and it is a buy and hold.</p></body></html>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ignore NIO Stock’s Minor Bumps and Hold On as EV Maker Goes Full Growth</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIgnore NIO Stock’s Minor Bumps and Hold On as EV Maker Goes Full Growth\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-04 07:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/04/ignore-nio-stocks-minor-bumps-and-hold-on-as-ev-maker-goes-full-growth/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nio’s(NIO) March delivery numbers are a huge rebound.The company is also introducing two new models this year.With the electric vehicle maker clearly in a growth stage, NIO stock is a strong buy....</p>\n\n<a href=\"https://investorplace.com/2022/04/ignore-nio-stocks-minor-bumps-and-hold-on-as-ev-maker-goes-full-growth/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","09866":"蔚来-SW"},"source_url":"https://investorplace.com/2022/04/ignore-nio-stocks-minor-bumps-and-hold-on-as-ev-maker-goes-full-growth/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119469547","content_text":"Nio’s(NIO) March delivery numbers are a huge rebound.The company is also introducing two new models this year.With the electric vehicle maker clearly in a growth stage, NIO stock is a strong buy.Shares of EV maker Nio (NYSE:NIO) have consistently declined since the start of the year. There was a time when the company was considered one of the top electric vehicle makers and it showed its potential in the delivery numbers month after month. NIO stock investors rode a 1,172% rise in 2020.However, several macroeconomic factors brought that rise to a halt in January 2021 after NIO stock hit an all-time high of $62. It has been declining since then, including a 31% drop in the first three months of this year. There are concerns about the delisting of Chinese companies, supply chain issues, and the war, which has had an impact on the EV maker.However, investors need to look beyond the temporary lows and see the bigger picture. NIO stock might be down today but it certainly has the potential to pick up. The stock can hit an all-time high this year and the current dip is a good chance to add the stock to your portfolio. Nio is in a growth stage and the company is working to make an impact on the competitive EV industry. With that in mind, let’s dig deeper into why you should hold tight to NIO stock.Production Numbers Are GrowingDue to the Lunar New Year holiday, several companies saw slow first-quarter growth and even Nio had downtime before its new EV launch. This may have had an impact on the January and February deliveries but we saw a solid rebound in March delivery numbers.With a target of25,000 to 26,000 EVs for the quarter, the company reported deliveries of 25,768 vehicles in the three months ended March 2022, increasing by 28.5% year-over-year. That included 9,985 vehicles in March alone after delivering 9,652 EVs in January and 6,131 EVs in February. Cumulative deliveries of vehicles as of March 31, 2022 reached 192,838.Despite the supply chain issues, we have consistently seen a rise in the quarterly deliveries which is proof that consumers are enjoying NIO EVs and there is solid demand in the market. Nio ended the year with a cash balance of$8.7 billion and it expects the first-quarter revenues to be between $1.51 million to $1.56 million. It’s looking more and more like Nio will hit the projected numbers.That said, the company has started deliveries of the ET7, putting 163 owners behind the wheel of that model in March. Besides the ET7, Nio will be launching two new products this year. The EV maker is still in a growth stage and looks like this is only the beginning. Other Chinese car makers also saw big production gains in March.The earlierQ4 numbers guidance may not have met analysts expectations but the deliveries are certainly growing and this means Nio is doing something right. Once its new manufacturing facility starts operations in the third quarter, there is no looking back for the EV maker.The Bottom Line On NIO StockARK Investment’s Cathie Wood also thinks it is a good time to buy NIO stock. The fund manager purchased Nio shares worth $8.4 million for the first time last week for its Ark Autonomous Technology & Robotics ETF(BATS:ARKQ).Further,Mizuho analyst Vijay Rakesh has a price target of $60 for the stock with a “buy” rating based on the quarterly results. The analyst added that despite the short-term supply headwinds, the company is well-positioned for long-term growth. Further, Nomura analyst Martin Heunghas a price target of $51.50 on the stock with a “buy” rating.Q4 may not have been an easy three months for the company, the deliveries fell below consensus and there were supply chain issues but it is a matter of the past. Nio is ready for a solid year ahead and if it manages to execute well on the projections, it will be able to see massive growth this year.Let’s not forget the global expansion and mass-market launch plans that the company is already working on. NIO Stock has long-term potential and it is a buy and hold.","news_type":1},"isVote":1,"tweetType":1,"viewCount":206,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9011948562,"gmtCreate":1648809725872,"gmtModify":1676534402306,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9011948562","repostId":"1148563015","repostType":4,"repost":{"id":"1148563015","pubTimestamp":1648808263,"share":"https://ttm.financial/m/news/1148563015?lang=&edition=fundamental","pubTime":"2022-04-01 18:17","market":"us","language":"en","title":"China Weighs Giving U.S. Full Access to Audits of Most Firms","url":"https://stock-news.laohu8.com/highlight/detail?id=1148563015","media":"Bloomberg","summary":"(Bloomberg) --Chinese authorities are preparing to give U.S. regulators full access to auditing repo","content":"<html><head></head><body><p>(Bloomberg) --Chinese authorities are preparing to give U.S. regulators full access to auditing reports of the majority of the 200-plus companies listed in New York as soon as mid-this year, making a rare concession to prevent a further decoupling between the world’s two largest economies.</p><p>The China Securities Regulatory Commission and other national regulators are in the process of drafting a framework that will allow most Chinese firms to keep their listings, people familiar with the process said, asking not to be named discussing a private matter. However, the government is prepared to accept that some state-owned enterprises and private companies that hold sensitive data will be delisted, they said.</p><p>The framework is expected to provide clarity on what data may trigger national security concerns, said the people. Regulators are debating whether companies that deal with consumer information, such as Alibaba Group Holding Ltd, would automatically fall into that category, one of the people said, adding that processing large volumes of such information wouldn’t necessarily make a firm a security concern.</p><p>If the plan proceeds, it would mark an unusual reversal by Beijing, potentially ending a decades-long dispute that escalated when the U.S. mandated a 2024 deadline for kicking non-compliant businesses off the New York Stock Exchange and Nasdaq. The compromise would also show China’s willingness to balance national security concerns with the needs of investors and businesses at a time when its economy faces numerous challenges.</p><p>Details are still under discussion and may change, said the people, adding that it also needs sign-off from the top leadership. Chinese regulators hope to reach an agreement with the U.S. around summer, one of the people said.</p><p></p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China Weighs Giving U.S. Full Access to Audits of Most Firms</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina Weighs Giving U.S. Full Access to Audits of Most Firms\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-01 18:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://news.bloombergtax.com/financial-accounting/china-weighs-giving-u-s-full-access-to-audits-of-most-firms><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) --Chinese authorities are preparing to give U.S. regulators full access to auditing reports of the majority of the 200-plus companies listed in New York as soon as mid-this year, making a ...</p>\n\n<a href=\"https://news.bloombergtax.com/financial-accounting/china-weighs-giving-u-s-full-access-to-audits-of-most-firms\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JD":"京东","BABA":"阿里巴巴"},"source_url":"https://news.bloombergtax.com/financial-accounting/china-weighs-giving-u-s-full-access-to-audits-of-most-firms","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148563015","content_text":"(Bloomberg) --Chinese authorities are preparing to give U.S. regulators full access to auditing reports of the majority of the 200-plus companies listed in New York as soon as mid-this year, making a rare concession to prevent a further decoupling between the world’s two largest economies.The China Securities Regulatory Commission and other national regulators are in the process of drafting a framework that will allow most Chinese firms to keep their listings, people familiar with the process said, asking not to be named discussing a private matter. However, the government is prepared to accept that some state-owned enterprises and private companies that hold sensitive data will be delisted, they said.The framework is expected to provide clarity on what data may trigger national security concerns, said the people. Regulators are debating whether companies that deal with consumer information, such as Alibaba Group Holding Ltd, would automatically fall into that category, one of the people said, adding that processing large volumes of such information wouldn’t necessarily make a firm a security concern.If the plan proceeds, it would mark an unusual reversal by Beijing, potentially ending a decades-long dispute that escalated when the U.S. mandated a 2024 deadline for kicking non-compliant businesses off the New York Stock Exchange and Nasdaq. The compromise would also show China’s willingness to balance national security concerns with the needs of investors and businesses at a time when its economy faces numerous challenges.Details are still under discussion and may change, said the people, adding that it also needs sign-off from the top leadership. Chinese regulators hope to reach an agreement with the U.S. around summer, one of the people said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":403,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809728098,"gmtCreate":1627393827914,"gmtModify":1703489063590,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Buy the dip","listText":"Buy the dip","text":"Buy the dip","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/809728098","repostId":"1142426532","repostType":4,"repost":{"id":"1142426532","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627393073,"share":"https://ttm.financial/m/news/1142426532?lang=&edition=fundamental","pubTime":"2021-07-27 21:37","market":"us","language":"en","title":"EV Stocks dipped in Tuesday morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1142426532","media":"Tiger Newspress","summary":"EV Stocks dipped in Tuesday morning trading.Xpeng Motors fell 3%,Nio and Li Auto fell 2%,Tesla fell ","content":"<p>EV Stocks dipped in Tuesday morning trading.Xpeng Motors&nbsp;fell&nbsp;3%,Nio&nbsp;and Li Auto&nbsp;fell&nbsp;2%,Tesla&nbsp;fell&nbsp;1%.</p>\n<p><img src=\"https://static.tigerbbs.com/a7f4e0f36f492799e5e63a0d3ecf9b75\" tg-width=\"380\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV Stocks dipped in Tuesday morning trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEV Stocks dipped in Tuesday morning trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-07-27 21:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>EV Stocks dipped in Tuesday morning trading.Xpeng Motors&nbsp;fell&nbsp;3%,Nio&nbsp;and Li Auto&nbsp;fell&nbsp;2%,Tesla&nbsp;fell&nbsp;1%.</p>\n<p><img src=\"https://static.tigerbbs.com/a7f4e0f36f492799e5e63a0d3ecf9b75\" tg-width=\"380\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FSR":"菲斯克","NIU":"小牛电动","TSLA":"特斯拉","NIO":"蔚来","FFIE":"Faraday Future","XPEV":"小鹏汽车","LCID":"Lucid Group Inc","LI":"理想汽车","NKLA":"Nikola Corporation"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142426532","content_text":"EV Stocks dipped in Tuesday morning trading.Xpeng Motors fell 3%,Nio and Li Auto fell 2%,Tesla fell 1%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":186,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141002972,"gmtCreate":1625821784596,"gmtModify":1703749249088,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/141002972","repostId":"1149376196","repostType":4,"isVote":1,"tweetType":1,"viewCount":296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":153476554,"gmtCreate":1625046710778,"gmtModify":1703850824130,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Like and comment please&nbsp;","listText":"Like and comment please&nbsp;","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/153476554","repostId":"1169729983","repostType":4,"repost":{"id":"1169729983","pubTimestamp":1625045369,"share":"https://ttm.financial/m/news/1169729983?lang=&edition=fundamental","pubTime":"2021-06-30 17:29","market":"us","language":"en","title":"Sunrun Stock Forecast: The Outlook Is Improving","url":"https://stock-news.laohu8.com/highlight/detail?id=1169729983","media":"seekingalpha","summary":"Summary\n\nSunrun reported better-than-expected revenue for the first quarter, and the financial perfo","content":"<p><b>Summary</b></p>\n<ul>\n <li>Sunrun reported better-than-expected revenue for the first quarter, and the financial performance is continuing to improve.</li>\n <li>With the global investment landscape changing dramatically, Sunrun is well-positioned to emerge as a big winner.</li>\n <li>The company struck a deal with Ford recently and is aggressively positioning itself to benefit from the exponential growth of the electric vehicle industry.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/27fcfe9d29fbae21d2ee04f3454a00dd\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>AleksandarGeorgiev/E+ via Getty Images</span></p>\n<p>Sunrun Inc. (RUN) is an American company that specializes in the design, development, and maintenance of residential solar panels, battery storage units, and other energy services designs. Solar panels are installed, monitored, and maintained on the rooftops of homeowners to provide solar electricity, and the company has emerged as a leading player in this industry in the United States. Sunrun sells its products to homeowners through retail, in-home sales, canvassing, partner networks, and online. The energy service solutions are provided through its lease and power purchase agreements. The company was founded in 2007 with the goal of making renewable energy more accessible to everyone.</p>\n<p>Sunrun stock surged 15% on June 16 after Morgan Stanley (MS)raisedits price target for Sunrun from $86 to $91 per share. According to analyst Stephen Byrd, Sunrun has the potential to become a major player in the electric vehicle industry as solar power solutions can be used to charge electric vehicles. The outlook for the company is promising, and the lackluster market performance this year (the stock is down 18% YTD) makes Sunrun a good bet for contrarian investors looking for high risk-high reward opportunities.</p>\n<p><b>First-quarter earnings recap</b></p>\n<p>Sunrun released first-quarter earnings on May 5 that topped revenue estimates but missed the earnings estimates of Wall Street analysts. The companyreporteda loss of 12 cents per share whereas analysts were expecting a loss of just 4 cents per share. The total revenue was $334.8 million, up 59% year-over-year with customer agreements and incentives generating $174.6 million and solar energy systems and product sales generating $160.2 million of revenue. Sunrun added 23,556 new customers in the first quarter of 2021, which lifted the total customer base to over 573,000. The annual recurring revenue from subscribers now stands at $683 million with an average remaining contract life of 17 years.</p>\n<p>Commenting on the company's first-quarter performance, CEO Lynn Jurichsaid:</p>\n<blockquote>\n <i>This year is on track to be the best in the company's history. With an accelerating growth rate and expanding market reach, Sunrun is leading the country to a clean energy future. Now is the time for us to move to a distributed energy system to meet the increased demands placed on our energy system from broad-based adoption of electric vehicles and improve the resiliency of our aging energy system.</i>\n</blockquote>\n<p>The company is benefiting from favorable macroeconomic conditions, and the continued increase in the number of customers is a testament to how Sunrun is converting the favorable industry outlook into good numbers.</p>\n<p><b>Sunrun is pursuing sustainable goals</b></p>\n<p>In the first quarter, Sunrun took various impactful steps including the launch of Sunrun Academy to expand work opportunities and promote career growth. The company was also chosen as the first national solar company to participate in the Department of Defense's SkillBridge Programme and became the first solar company to be approved for the Military Spouse Employment Program which provides employment opportunities for military spouses.</p>\n<p>Sunrun's fourth annualImpact Reportpublished in April highlights its sustainability goals including offsetting more than 600 million metric tons of carbon emissions from the company's systems. In addition, the company aims to reach net-zero carbon emissions from its operations by 2040, convert one-third of its vehicle fleet to electric or hybrid within 5 years, and deliver at least 500 megawatts of solar power to low-income households across the country by 2030. Sunrun has also highlighted its commitment to creating a diverse and inclusive workforce with women accounting for 50% of the top management team and 44% of the Board of Directors as of December 31, 2020.</p>\n<p>The investment landscape is changing dramatically as investors are increasingly getting behind companies that are promoting sustainable development goals, which is a secular trend that is expected to be a major factor that determines investments returns in the coming decades. Going by Sunrun's formidable policies discussed above, it would be reasonable to assume that the company will attract high valuation multiples in the future once the plans set in motion deliver the expected goods.</p>\n<p><b>Sunrun is expanding its horizons</b></p>\n<p>Sunrun and Ford Motor Company (F) entered into anagreementon May 19 to provide a seamless installation of 80-amp Ford Charge Station Pro and Home Charging Systems for the all-electric Ford F-150 Lightning truck. The F-150 Lightning, an electric version of Ford's most famous pickup truck, can serve as a backup domestic power source during a power outage as well, providing low-carbon electricity to households. Under this partnership, customers are also offered the opportunity to install a household solar and battery system allowing them to power their homes with clean, affordable energy and charge their F-150 Lightning at the same time. Ryan O'Gorman, Ford's head of energy services, said that the automaker is the first in the United States to offer this additional power supply opportunity for buyers of vehicles.</p>\n<p>Commenting on this partnership, Sunrun CEO Lynn Jurich said:</p>\n<blockquote>\n <i>Ford is a trusted brand that's been at the forefront of American innovation for over 100 years, and it is exciting to see them electrifying their most popular truck in company history. We're at the beginning stages of a partnership that can bring energy resilience to millions of Americans across the country.</i>\n</blockquote>\n<p>This partnership could open up new doors for Sunrun in the future as many other electric vehicle manufacturers could look to embrace this strategy to compete with Ford.</p>\n<p><b>Industry outlook</b></p>\n<p>The electric vehicle market has grown at stellar rates over the last 5 years and President Biden's announcement of EV adoption in federal fleets is boosting the electric ecosystem even further. Electric car registrations grew by 41% in 2020 according to the International Energy Agency, despite a 16% decline in automobile sales caused by the virus-induced recession. Global EV sales increased by 140% in the first quarter of 2021, aided by the sale of around 500,000 vehicles in China and 450,000 in Europe.</p>\n<p><b>Exhibit 1: Global electric vehicle stock by region, 2010-2020</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3cf04c537c45782a4b0587ed2fbefb15\" tg-width=\"359\" tg-height=\"310\"><span>Source:IEA</span></p>\n<p>The majority of Original Equipment Manufacturers in the world are speeding up the transition to electric mobility by upgrading fleets and establishing charging stations. In 2020, consumer spending on electric vehicles reached $120 billion and governments around the world spent $14 billion to promote electric vehicle sales.</p>\n<p><b>Exhibit 2: Consumer and government spending on EVs</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ca5289310617cf3430ad1d935c86a2ce\" tg-width=\"602\" tg-height=\"326\"><span>Source: IEA</span></p>\n<p>Commenting on Sunrun's market position in this segment, CEO Lynn said:</p>\n<blockquote>\n <i>We are actively exploring ways to help consumers in the grid manage the transition to electric vehicles. We know the country must make the switch to EVs to further reduce carbon emissions and we believe Sunrun will be a key enabler of this transition. Homes with EVs consume approximately double the amount of electricity. Home solar and batteries are needed to meet this increased strain on the electric system. And Sunrun is well-positioned to be a leading provider of these services given our expertise managing and installing at-home energy infrastructure and our national footprint. Electric vehicles create positive flywheel defects. Homes need larger solar systems to support the increased electricity consumption. These larger systems come at a high incremental margin since the cost to increase the size is relatively low. And EVs can be integrated into a comprehensive home energy management system to maximize the economic benefits and resiliency for families. These compounding benefits will accelerate the transition to a distributed grid with home solar, batteries, and EVs even faster than most realized</i>.\n</blockquote>\n<p>Sunrun still has a long way to go to develop competitive advantages that could help it earn economic profits in the long run, but the company seems to be moving in the right direction by positioning itself to benefit from the transition to electric vehicles.</p>\n<p><b>Takeaway</b></p>\n<p>Sunrun is America's leading household solar power company. With competent management and a long-term growth strategy, the company has achieved substantial growth in the last few years. The company has contributed toward environmental protection goals by removing 8.1 million metric tons of carbon pollution since 2007, which goes on to show that investor enthusiasm toward Sunrun is indeed based on good numbers. Although Sunrun faces stiff competition from other renewable energy providers, strategic alliances are likely to help the company deliver good numbers in the coming years. Sunrun is not yet profitable, but the industry outlook suggests that it has a long runway for growth, and we expect Sunrun to post consistently growing profits in the next 5 years. If customers and the government continue to shift to and encourage the use of renewable energy, which is the most likely scenario, Sunrun will be in a good position to report exponential growth in revenue and earnings.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sunrun Stock Forecast: The Outlook Is Improving</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSunrun Stock Forecast: The Outlook Is Improving\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-30 17:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4437140-sunrun-stock-forecast-outlook-is-improving><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nSunrun reported better-than-expected revenue for the first quarter, and the financial performance is continuing to improve.\nWith the global investment landscape changing dramatically, Sunrun ...</p>\n\n<a href=\"https://seekingalpha.com/article/4437140-sunrun-stock-forecast-outlook-is-improving\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RUN":"Sunrun Inc."},"source_url":"https://seekingalpha.com/article/4437140-sunrun-stock-forecast-outlook-is-improving","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169729983","content_text":"Summary\n\nSunrun reported better-than-expected revenue for the first quarter, and the financial performance is continuing to improve.\nWith the global investment landscape changing dramatically, Sunrun is well-positioned to emerge as a big winner.\nThe company struck a deal with Ford recently and is aggressively positioning itself to benefit from the exponential growth of the electric vehicle industry.\n\nAleksandarGeorgiev/E+ via Getty Images\nSunrun Inc. (RUN) is an American company that specializes in the design, development, and maintenance of residential solar panels, battery storage units, and other energy services designs. Solar panels are installed, monitored, and maintained on the rooftops of homeowners to provide solar electricity, and the company has emerged as a leading player in this industry in the United States. Sunrun sells its products to homeowners through retail, in-home sales, canvassing, partner networks, and online. The energy service solutions are provided through its lease and power purchase agreements. The company was founded in 2007 with the goal of making renewable energy more accessible to everyone.\nSunrun stock surged 15% on June 16 after Morgan Stanley (MS)raisedits price target for Sunrun from $86 to $91 per share. According to analyst Stephen Byrd, Sunrun has the potential to become a major player in the electric vehicle industry as solar power solutions can be used to charge electric vehicles. The outlook for the company is promising, and the lackluster market performance this year (the stock is down 18% YTD) makes Sunrun a good bet for contrarian investors looking for high risk-high reward opportunities.\nFirst-quarter earnings recap\nSunrun released first-quarter earnings on May 5 that topped revenue estimates but missed the earnings estimates of Wall Street analysts. The companyreporteda loss of 12 cents per share whereas analysts were expecting a loss of just 4 cents per share. The total revenue was $334.8 million, up 59% year-over-year with customer agreements and incentives generating $174.6 million and solar energy systems and product sales generating $160.2 million of revenue. Sunrun added 23,556 new customers in the first quarter of 2021, which lifted the total customer base to over 573,000. The annual recurring revenue from subscribers now stands at $683 million with an average remaining contract life of 17 years.\nCommenting on the company's first-quarter performance, CEO Lynn Jurichsaid:\n\nThis year is on track to be the best in the company's history. With an accelerating growth rate and expanding market reach, Sunrun is leading the country to a clean energy future. Now is the time for us to move to a distributed energy system to meet the increased demands placed on our energy system from broad-based adoption of electric vehicles and improve the resiliency of our aging energy system.\n\nThe company is benefiting from favorable macroeconomic conditions, and the continued increase in the number of customers is a testament to how Sunrun is converting the favorable industry outlook into good numbers.\nSunrun is pursuing sustainable goals\nIn the first quarter, Sunrun took various impactful steps including the launch of Sunrun Academy to expand work opportunities and promote career growth. The company was also chosen as the first national solar company to participate in the Department of Defense's SkillBridge Programme and became the first solar company to be approved for the Military Spouse Employment Program which provides employment opportunities for military spouses.\nSunrun's fourth annualImpact Reportpublished in April highlights its sustainability goals including offsetting more than 600 million metric tons of carbon emissions from the company's systems. In addition, the company aims to reach net-zero carbon emissions from its operations by 2040, convert one-third of its vehicle fleet to electric or hybrid within 5 years, and deliver at least 500 megawatts of solar power to low-income households across the country by 2030. Sunrun has also highlighted its commitment to creating a diverse and inclusive workforce with women accounting for 50% of the top management team and 44% of the Board of Directors as of December 31, 2020.\nThe investment landscape is changing dramatically as investors are increasingly getting behind companies that are promoting sustainable development goals, which is a secular trend that is expected to be a major factor that determines investments returns in the coming decades. Going by Sunrun's formidable policies discussed above, it would be reasonable to assume that the company will attract high valuation multiples in the future once the plans set in motion deliver the expected goods.\nSunrun is expanding its horizons\nSunrun and Ford Motor Company (F) entered into anagreementon May 19 to provide a seamless installation of 80-amp Ford Charge Station Pro and Home Charging Systems for the all-electric Ford F-150 Lightning truck. The F-150 Lightning, an electric version of Ford's most famous pickup truck, can serve as a backup domestic power source during a power outage as well, providing low-carbon electricity to households. Under this partnership, customers are also offered the opportunity to install a household solar and battery system allowing them to power their homes with clean, affordable energy and charge their F-150 Lightning at the same time. Ryan O'Gorman, Ford's head of energy services, said that the automaker is the first in the United States to offer this additional power supply opportunity for buyers of vehicles.\nCommenting on this partnership, Sunrun CEO Lynn Jurich said:\n\nFord is a trusted brand that's been at the forefront of American innovation for over 100 years, and it is exciting to see them electrifying their most popular truck in company history. We're at the beginning stages of a partnership that can bring energy resilience to millions of Americans across the country.\n\nThis partnership could open up new doors for Sunrun in the future as many other electric vehicle manufacturers could look to embrace this strategy to compete with Ford.\nIndustry outlook\nThe electric vehicle market has grown at stellar rates over the last 5 years and President Biden's announcement of EV adoption in federal fleets is boosting the electric ecosystem even further. Electric car registrations grew by 41% in 2020 according to the International Energy Agency, despite a 16% decline in automobile sales caused by the virus-induced recession. Global EV sales increased by 140% in the first quarter of 2021, aided by the sale of around 500,000 vehicles in China and 450,000 in Europe.\nExhibit 1: Global electric vehicle stock by region, 2010-2020\nSource:IEA\nThe majority of Original Equipment Manufacturers in the world are speeding up the transition to electric mobility by upgrading fleets and establishing charging stations. In 2020, consumer spending on electric vehicles reached $120 billion and governments around the world spent $14 billion to promote electric vehicle sales.\nExhibit 2: Consumer and government spending on EVs\nSource: IEA\nCommenting on Sunrun's market position in this segment, CEO Lynn said:\n\nWe are actively exploring ways to help consumers in the grid manage the transition to electric vehicles. We know the country must make the switch to EVs to further reduce carbon emissions and we believe Sunrun will be a key enabler of this transition. Homes with EVs consume approximately double the amount of electricity. Home solar and batteries are needed to meet this increased strain on the electric system. And Sunrun is well-positioned to be a leading provider of these services given our expertise managing and installing at-home energy infrastructure and our national footprint. Electric vehicles create positive flywheel defects. Homes need larger solar systems to support the increased electricity consumption. These larger systems come at a high incremental margin since the cost to increase the size is relatively low. And EVs can be integrated into a comprehensive home energy management system to maximize the economic benefits and resiliency for families. These compounding benefits will accelerate the transition to a distributed grid with home solar, batteries, and EVs even faster than most realized.\n\nSunrun still has a long way to go to develop competitive advantages that could help it earn economic profits in the long run, but the company seems to be moving in the right direction by positioning itself to benefit from the transition to electric vehicles.\nTakeaway\nSunrun is America's leading household solar power company. With competent management and a long-term growth strategy, the company has achieved substantial growth in the last few years. The company has contributed toward environmental protection goals by removing 8.1 million metric tons of carbon pollution since 2007, which goes on to show that investor enthusiasm toward Sunrun is indeed based on good numbers. Although Sunrun faces stiff competition from other renewable energy providers, strategic alliances are likely to help the company deliver good numbers in the coming years. Sunrun is not yet profitable, but the industry outlook suggests that it has a long runway for growth, and we expect Sunrun to post consistently growing profits in the next 5 years. If customers and the government continue to shift to and encourage the use of renewable energy, which is the most likely scenario, Sunrun will be in a good position to report exponential growth in revenue and earnings.","news_type":1},"isVote":1,"tweetType":1,"viewCount":174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":153476168,"gmtCreate":1625046679354,"gmtModify":1703850823468,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Like and comment pleaze","listText":"Like and comment pleaze","text":"Like and comment pleaze","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/153476168","repostId":"2147890552","repostType":4,"isVote":1,"tweetType":1,"viewCount":255,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":153476168,"gmtCreate":1625046679354,"gmtModify":1703850823468,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Like and comment pleaze","listText":"Like and comment pleaze","text":"Like and comment pleaze","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/153476168","repostId":"2147890552","repostType":4,"repost":{"id":"2147890552","pubTimestamp":1625046365,"share":"https://ttm.financial/m/news/2147890552?lang=&edition=fundamental","pubTime":"2021-06-30 17:46","market":"us","language":"en","title":"Why Warren Buffett's $5 Billion Airline Debacle Wasn't Actually a Mistake","url":"https://stock-news.laohu8.com/highlight/detail?id=2147890552","media":"Motley Fool","summary":"Focus less on results and more on the process for making your decisions.","content":"<p>Warren Buffett might be <a href=\"https://laohu8.com/S/AONE\">one</a> of the most successful investors in stock market history, but he doesn't hesitate to admit that he makes mistakes. In his long history at <b>Berkshire Hathaway </b>(NYSE:BRK.A) (NYSE:BRK.B), Buffett has had plenty of time to make moves that in hindsight have cost the insurance conglomerate and its shareholders billions of dollars.</p>\n<p>One of Buffett's most recent moves to receive criticism from investors is his handling of Berkshire's holdings of airline stocks in the immediate aftermath of the COVID-19 pandemic. Many point simply to the terrible result of selling at which proved to be just about the absolute low point in the pandemic-driven sell-off. But results-oriented thinking can lead to misleading conclusions that in the end can keep you from becoming a better investor.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e22701209a2d3771df1ea06f7784da80\" tg-width=\"700\" tg-height=\"469\"><span>Image source: Getty Images.</span></p>\n<h2>A short history of Buffett's latest airline investments</h2>\n<p>Buffett has long been a skeptic of airline investments, noting their history of bankruptcies and destruction of shareholder value. It was therefore surprising for many to see Berkshire build up significant positions in <b>Delta Air Lines </b>(NYSE:DAL), <b>Southwest Airlines </b>(NYSE:LUV), <b>American Airlines Group </b>(NASDAQ:AAL), and <b>United Airlines Holdings </b>(NASDAQ:UAL) starting in 2016.</p>\n<p>By early 2020, Berkshire's stakes in a couple of his airline holdings had reached 10%. There was even speculation that Berkshire would buy an airline outright.</p>\n<p>Yet as the pandemic brought air travel to a halt, Buffett made an about face during the spring of 2020. He made substantial sales of airline stocks in early April and then exited all of his positions by the 2020 shareholder meeting in early May.</p>\n<p>Since then, airline stocks have recovered sharply. By <a href=\"https://laohu8.com/S/AONE.U\">one</a> account, had Buffett held on to his stocks, then they would be worth nearly $5 billion more than the sales proceeds he actually got.</p>\n<h2>Buffett thinks in bets</h2>\n<p>As big a blunder as that might seem, the apparent lost opportunity is only a mistake from the viewpoint of what actually happened. But as decision strategist and world-class poker player Annie <a href=\"https://laohu8.com/S/DEX.AU\">Duke</a> explains in her book <i>Thinking in Bets</i>, relying on results-oriented thinking can be dangerous.</p>\n<p>Buffett has made his rationale for selling airline stocks quite clear:</p>\n<ul>\n <li>Although there was a chance that the government would step in to bail out airlines, it was far from a foregone conclusion at the time. Indeed, had Berkshire held on to its position, the government might well have been <i>less </i>inclined to offer assistance, jeopardizing the airlines' future. Moreover, much of that assistance came in the form of outright grants that airlines won't have to repay -- a move that still rankles some who argued that small businesses should get the same level of support.</li>\n <li>Even now, airlines still face big hurdles. Although domestic travel has opened up significantly, there are still substantial restrictions on the international routes that Delta, American, and United rely on for much of their sales and profits. Debt levels are higher than they were before the pandemic as well.</li>\n <li>Business travel might yet <i>never </i>return to pre-pandemic levels. Innovations like improved video conferencing and remote work arrangements are here to stay, and they'll likely displace at least a fraction of air travel indefinitely.</li>\n</ul>\n<p>Of course, Buffett couldn't be certain that his worst-case scenarios would come true. But again, that's not the right metric to use. As Duke explains, \"What makes a great decision is not that it has a great outcome. A great decision is the result of a good process, and that process must include an attempt to accurately represent our own state of knowledge. That state of knowledge, in turn, is some variation of 'I'm not sure.'\"</p>\n<p>In other words, there's nothing wrong with embracing the uncertainty inherent in any decision. Great decision-makers won't get great results <i>every </i>time, but their superior processes will lead to superior performance <i>much </i>of the time. In investing, that's all you need to succeed.</p>\n<h2>Be a better investor</h2>\n<p>Instead of spending time congratulating yourself for stocks that go up and beating yourself up over stocks that go down, the better path to become a smarter investor is to look more closely at your decision-making process to make sure it's as strong as it can be. The more you focus on putting the odds in your favor, the more likely it is you'll find the same investment success that Buffett is famous for.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Warren Buffett's $5 Billion Airline Debacle Wasn't Actually a Mistake</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Warren Buffett's $5 Billion Airline Debacle Wasn't Actually a Mistake\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-30 17:46 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/06/30/warren-buffett-5-billion-airline-losses-no-mistake/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Warren Buffett might be one of the most successful investors in stock market history, but he doesn't hesitate to admit that he makes mistakes. In his long history at Berkshire Hathaway (NYSE:BRK.A) (...</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/30/warren-buffett-5-billion-airline-losses-no-mistake/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","LUV":"西南航空","BRK.B":"伯克希尔B","DAL":"达美航空","AAL":"美国航空","UAL":"联合大陆航空"},"source_url":"https://www.fool.com/investing/2021/06/30/warren-buffett-5-billion-airline-losses-no-mistake/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2147890552","content_text":"Warren Buffett might be one of the most successful investors in stock market history, but he doesn't hesitate to admit that he makes mistakes. In his long history at Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B), Buffett has had plenty of time to make moves that in hindsight have cost the insurance conglomerate and its shareholders billions of dollars.\nOne of Buffett's most recent moves to receive criticism from investors is his handling of Berkshire's holdings of airline stocks in the immediate aftermath of the COVID-19 pandemic. Many point simply to the terrible result of selling at which proved to be just about the absolute low point in the pandemic-driven sell-off. But results-oriented thinking can lead to misleading conclusions that in the end can keep you from becoming a better investor.\nImage source: Getty Images.\nA short history of Buffett's latest airline investments\nBuffett has long been a skeptic of airline investments, noting their history of bankruptcies and destruction of shareholder value. It was therefore surprising for many to see Berkshire build up significant positions in Delta Air Lines (NYSE:DAL), Southwest Airlines (NYSE:LUV), American Airlines Group (NASDAQ:AAL), and United Airlines Holdings (NASDAQ:UAL) starting in 2016.\nBy early 2020, Berkshire's stakes in a couple of his airline holdings had reached 10%. There was even speculation that Berkshire would buy an airline outright.\nYet as the pandemic brought air travel to a halt, Buffett made an about face during the spring of 2020. He made substantial sales of airline stocks in early April and then exited all of his positions by the 2020 shareholder meeting in early May.\nSince then, airline stocks have recovered sharply. By one account, had Buffett held on to his stocks, then they would be worth nearly $5 billion more than the sales proceeds he actually got.\nBuffett thinks in bets\nAs big a blunder as that might seem, the apparent lost opportunity is only a mistake from the viewpoint of what actually happened. But as decision strategist and world-class poker player Annie Duke explains in her book Thinking in Bets, relying on results-oriented thinking can be dangerous.\nBuffett has made his rationale for selling airline stocks quite clear:\n\nAlthough there was a chance that the government would step in to bail out airlines, it was far from a foregone conclusion at the time. Indeed, had Berkshire held on to its position, the government might well have been less inclined to offer assistance, jeopardizing the airlines' future. Moreover, much of that assistance came in the form of outright grants that airlines won't have to repay -- a move that still rankles some who argued that small businesses should get the same level of support.\nEven now, airlines still face big hurdles. Although domestic travel has opened up significantly, there are still substantial restrictions on the international routes that Delta, American, and United rely on for much of their sales and profits. Debt levels are higher than they were before the pandemic as well.\nBusiness travel might yet never return to pre-pandemic levels. Innovations like improved video conferencing and remote work arrangements are here to stay, and they'll likely displace at least a fraction of air travel indefinitely.\n\nOf course, Buffett couldn't be certain that his worst-case scenarios would come true. But again, that's not the right metric to use. As Duke explains, \"What makes a great decision is not that it has a great outcome. A great decision is the result of a good process, and that process must include an attempt to accurately represent our own state of knowledge. That state of knowledge, in turn, is some variation of 'I'm not sure.'\"\nIn other words, there's nothing wrong with embracing the uncertainty inherent in any decision. Great decision-makers won't get great results every time, but their superior processes will lead to superior performance much of the time. In investing, that's all you need to succeed.\nBe a better investor\nInstead of spending time congratulating yourself for stocks that go up and beating yourself up over stocks that go down, the better path to become a smarter investor is to look more closely at your decision-making process to make sure it's as strong as it can be. The more you focus on putting the odds in your favor, the more likely it is you'll find the same investment success that Buffett is famous for.","news_type":1},"isVote":1,"tweetType":1,"viewCount":255,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117482163,"gmtCreate":1623157480952,"gmtModify":1704197251715,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"To the mooon","listText":"To the mooon","text":"To the mooon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/117482163","repostId":"1190015891","repostType":4,"repost":{"id":"1190015891","pubTimestamp":1623157189,"share":"https://ttm.financial/m/news/1190015891?lang=&edition=fundamental","pubTime":"2021-06-08 20:59","market":"us","language":"en","title":"AMC, Other Meme Stocks Turn Options Market Upside Down","url":"https://stock-news.laohu8.com/highlight/detail?id=1190015891","media":"The Wall Street Journal","summary":"Flurry of activity in meme-stock options underscores investors’ fear of missing out on surges.Themet","content":"<blockquote>Flurry of activity in meme-stock options underscores investors’ fear of missing out on surges.</blockquote><p>Themeteoric rally in meme stockssuch asAMC Entertainment HoldingsInc.AMC14.80%andGameStopCorp.GME12.74%has unleashed a burst of options trading, upending traditional dynamics in the market for stock bets.</p><p>The rush into the stocks coincided with frenzied trading for options—contracts that allow investors to bet on price moves in stocks or protect their portfolios. The once-obscure corner of the market has boomed this year like never before, with many new investors trying their hands during the pandemic shutdowns.</p><p><img src=\"https://static.tigerbbs.com/f595961ae3a3f5921e940d0e245ab0aa\" tg-width=\"319\" tg-height=\"420\" referrerpolicy=\"no-referrer\">The complicated contracts can be risky to use but have mushroomed into a feature of the meme mania this year. Some individual investors have said that they aredrawn to the thrillof options trading, happy to take on higher risks for the prospect of big payouts. They have used the bets to turbocharge their positions, eager to ride the relentless momentum in stocks like GameStop and AMC.</p><p>Call options, which allow investors the right to purchase stocks at a set price in the future, have recorded particularly heavy trading. Internet traders and others have favored them for making bullish bets in pursuit of mammoth gains. Their relatively low cost—with just one contract covering 100 shares—has lured many into the market, with activity rising to a fever pitch in recent sessions.</p><p>Traders last week spent $11.6 billion on options contracts tied to AMC, more than on the SPDR S&amp;P 500 ETF Trust, Invesco QQQ Trust and Tesla Inc. combined, according toCboe Global Marketsdata. Options on those stocks are typically among the market’s most popular.</p><p>The recent activity in meme stock options underscores investors’ fear of missing out on the surges. Many traders were positioning for even greater gains in AMC shares. The stock soared 83% last week, surpassing its record hit six years ago. Some of the most popular options contracts on AMC have been bullish calls pegged to shares jumping to $145 or $100.</p><p><img src=\"https://static.tigerbbs.com/8abe3eaccc4237bfb46889ef3d07e51b\" tg-width=\"331\" tg-height=\"430\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/59e2e6b2c8e0a31c64a805bbe095f883\" tg-width=\"359\" tg-height=\"421\" referrerpolicy=\"no-referrer\">The stock surged another 15% Monday to start the week and settled at $55, bringing gains for the year to 2494%. Other retail favorites such as GameStop,BlackBerryLtd.andKossCorp.also rallied.</p><p>“The perceived risk is not that AMC is going to go down to $10. The risk that everybody is worried about is AMC going up to $1000,” said Henry Schwartz, head of product intelligence at Cboe Global Markets. “It does kind of challenge all the normal assumptions that especially professionals tend to make.”</p><p>The options-trading activity at times canstoke bigger moves in the shares themselves, traders say, exacerbating swings. The intense activity in meme stocks has also overturned dynamics within the world of options and volatility trading.</p><p>Market volatility is a key input to pricing options. The higher the volatility, the pricier options can be: If a stock is recording more extreme swings, that increases the chances the options will pay out. Implied volatility, a measure of how turbulent traders expect stocks to be over a given time frame, typically drops as stocks go up,and climbs when they fall.</p><p>Some of the meme stocks have defied those expectations. As AMC share prices hit a record last week, implied volatility for the stock jumped to the highest level in around four months, according to Susquehanna Financial Group. Meanwhile, expected swings in GameStop and BlackBerry hit the highest levels in months—even as the stocks surged.</p><p>“If the market crashed tomorrow, would things get quieter or they’d go crazy? Well, they’d get more crazy, that spooks everybody,” Mr. Schwartz said. “What happens in these meme stocks is they also get much more volatile when the stocks go up.”</p><p>And typically, investors pay more to protect themselves from stock declines than they do for bullish wagers. That hasn’t been the case at times in meme stocks and a handful of other bets over the past year, like some special-purpose acquisition companies, analysts said.</p><p>“These traditional relationships between volatility and stocks have been turned on their heads in meme stocks,” said Chris Murphy, co-head of derivatives strategy at Susquehanna.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMC, Other Meme Stocks Turn Options Market Upside Down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMC, Other Meme Stocks Turn Options Market Upside Down\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-08 20:59 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/amc-other-meme-stocks-turn-options-market-upside-down-11623144602?mod=hp_lead_pos2><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Flurry of activity in meme-stock options underscores investors’ fear of missing out on surges.Themeteoric rally in meme stockssuch asAMC Entertainment HoldingsInc.AMC14.80%andGameStopCorp.GME12.74%has...</p>\n\n<a href=\"https://www.wsj.com/articles/amc-other-meme-stocks-turn-options-market-upside-down-11623144602?mod=hp_lead_pos2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF","AMC":"AMC院线",".SPX":"S&P 500 Index","GME":"游戏驿站",".DJI":"道琼斯"},"source_url":"https://www.wsj.com/articles/amc-other-meme-stocks-turn-options-market-upside-down-11623144602?mod=hp_lead_pos2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190015891","content_text":"Flurry of activity in meme-stock options underscores investors’ fear of missing out on surges.Themeteoric rally in meme stockssuch asAMC Entertainment HoldingsInc.AMC14.80%andGameStopCorp.GME12.74%has unleashed a burst of options trading, upending traditional dynamics in the market for stock bets.The rush into the stocks coincided with frenzied trading for options—contracts that allow investors to bet on price moves in stocks or protect their portfolios. The once-obscure corner of the market has boomed this year like never before, with many new investors trying their hands during the pandemic shutdowns.The complicated contracts can be risky to use but have mushroomed into a feature of the meme mania this year. Some individual investors have said that they aredrawn to the thrillof options trading, happy to take on higher risks for the prospect of big payouts. They have used the bets to turbocharge their positions, eager to ride the relentless momentum in stocks like GameStop and AMC.Call options, which allow investors the right to purchase stocks at a set price in the future, have recorded particularly heavy trading. Internet traders and others have favored them for making bullish bets in pursuit of mammoth gains. Their relatively low cost—with just one contract covering 100 shares—has lured many into the market, with activity rising to a fever pitch in recent sessions.Traders last week spent $11.6 billion on options contracts tied to AMC, more than on the SPDR S&P 500 ETF Trust, Invesco QQQ Trust and Tesla Inc. combined, according toCboe Global Marketsdata. Options on those stocks are typically among the market’s most popular.The recent activity in meme stock options underscores investors’ fear of missing out on the surges. Many traders were positioning for even greater gains in AMC shares. The stock soared 83% last week, surpassing its record hit six years ago. Some of the most popular options contracts on AMC have been bullish calls pegged to shares jumping to $145 or $100.The stock surged another 15% Monday to start the week and settled at $55, bringing gains for the year to 2494%. Other retail favorites such as GameStop,BlackBerryLtd.andKossCorp.also rallied.“The perceived risk is not that AMC is going to go down to $10. The risk that everybody is worried about is AMC going up to $1000,” said Henry Schwartz, head of product intelligence at Cboe Global Markets. “It does kind of challenge all the normal assumptions that especially professionals tend to make.”The options-trading activity at times canstoke bigger moves in the shares themselves, traders say, exacerbating swings. The intense activity in meme stocks has also overturned dynamics within the world of options and volatility trading.Market volatility is a key input to pricing options. The higher the volatility, the pricier options can be: If a stock is recording more extreme swings, that increases the chances the options will pay out. Implied volatility, a measure of how turbulent traders expect stocks to be over a given time frame, typically drops as stocks go up,and climbs when they fall.Some of the meme stocks have defied those expectations. As AMC share prices hit a record last week, implied volatility for the stock jumped to the highest level in around four months, according to Susquehanna Financial Group. Meanwhile, expected swings in GameStop and BlackBerry hit the highest levels in months—even as the stocks surged.“If the market crashed tomorrow, would things get quieter or they’d go crazy? Well, they’d get more crazy, that spooks everybody,” Mr. Schwartz said. “What happens in these meme stocks is they also get much more volatile when the stocks go up.”And typically, investors pay more to protect themselves from stock declines than they do for bullish wagers. That hasn’t been the case at times in meme stocks and a handful of other bets over the past year, like some special-purpose acquisition companies, analysts said.“These traditional relationships between volatility and stocks have been turned on their heads in meme stocks,” said Chris Murphy, co-head of derivatives strategy at Susquehanna.","news_type":1},"isVote":1,"tweetType":1,"viewCount":101,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9045304650,"gmtCreate":1656556014870,"gmtModify":1676535853520,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9045304650","repostId":"1121505043","repostType":2,"repost":{"id":"1121505043","pubTimestamp":1656561665,"share":"https://ttm.financial/m/news/1121505043?lang=&edition=fundamental","pubTime":"2022-06-30 12:01","market":"us","language":"en","title":"NIO: Questions And Challenges To The Grizzly Short-Seller Report","url":"https://stock-news.laohu8.com/highlight/detail?id=1121505043","media":"seekingalpha","summary":"SummaryShort-seller Grizzly Research has released a report outlining findings of alleged fraud by NIO on Tuesday evening.The report attempted to outline how NIO, through an unconsolidated entity, is f","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Short-seller Grizzly Research has released a report outlining findings of alleged fraud by NIO on Tuesday evening.</li><li>The report attempted to outline how NIO, through an unconsolidated entity, is falsely inflating revenue and net income pertaining to its BaaS business.</li><li>The report also accused CEO Bin Li of association with fraudulent activities in the past. The information was largely used as support for Grizzly&#39;s claims of financial manipulation at NIO.</li><li>However, we believe some of the information reported by Grizzly have been exaggerated to support its short bias against NIO. We also question the validity of some of the quantified impacts that Grizzly is claiming against NIO&#39;s BaaS operations.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/346379c1e5a1a4087e614ef0b8a18caa\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/><span>Drew Angerer/Getty Images News</span></p><p>Grizzly Research (&#34;Grizzly&#34;) has released a short-seller report on NIO (NYSE:NIO) Tuesday morning, citing the Chinese electric vehicle (“EV”) company has engaged in the exaggeration of revenue and profitability via aggressive accounting methods and fraudulent means. In addition to outlining the allegedmeasures NIO has taken to falsely inflate its top- and bottom-line since 2020, Grizzly has also gathered extensive research in an attempt to character-assassinate NIO CEO Bin Li in order to “dot the i’s and cross the t’s” in its argument that the three core elements of fraud – opportunity, incentive and rationalization – exist in this situation for the EV maker.</p><p>While some of the findings raised in the short-seller report may raise questions that only NIO management can answer, there are also questionable and groundless arguments made by Grizzly that could significantly mislead and deceive existing and potential investors in the EV stock. The following analysis will focus on an overview of the short-seller’s core claim against NIO – namely, false inflation of revenue and net income via aggressive accounting and potentially fraudulent means – and provide a walkthrough of questions / challenges we have over the validity of some of those claims.</p><p><b>Accounting Crash Course: NIO’s BaaS Revenue Recognition Method</b></p><p>Through publicly disclosed information within NIO’s audited annual report, Grizzly had identified that NIO is frontloading and inflating revenue recognition pertaining to its battery-as-a-service (“BaaS”) sales via an unconsolidated related party.</p><p>In 2020, NIO, alongside an external consortium of investors that consist of EV battery maker CATL, Hubei Science Technology Investment Group, and a subsidiary of Fuotai Junan International Holdings Limited, have together created the joint venture “Wuhan Weineng Battery Asset Co., Ltd.,” (“Weineng”). Weineng was established in 2020, the same time when NIO’s battery lending service BaaS was introduced.</p><p>Under BaaS, NIO customers are eligible for a one-time discount of up to RMB 128,000 ($19,133) on the vehicle purchase if they opt for the battery lending subscription program instead of buying the battery with the vehicle upfront. This strategy has been an effective mean in fuelling the adoption of NIO EVs in China, especially with additional government subsidies for purchases that are compatible with battery swapping technology. All sales and costs pertaining to BaaS are managed by Weineng.</p><p>Now, the Weineng joint venture, in which NIO holds a 19.8% equity interest in, has been accounted for as an “equity-accounted investment” on the EV maker’s financial statements, given the definition of control under GAAP-based accounting has not been met (further discussed in later sections). Under GAAP-based accounting for related party transactions, “intragroup related party transactions and outstanding balances are eliminated, except for those between an investment entity and its subsidiaries measured at fair value through profit or loss, in the preparation of consolidated financial statements of the group”:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b533b2a1e657134b3b33f231c2b11f74\" tg-width=\"640\" tg-height=\"292\" referrerpolicy=\"no-referrer\"/><span>GAAP Rules on Related Party Disclosures (IAS)</span></p><p>Based on NIO’s disclosures within its audited annual report on its revenue recognition method pertaining to BaaS sales, the EV maker sells its battery packs to Weineng on a “back-to-back” basis when a vehicle is sold to a customer subscribed to BaaS:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d726db76c4884663e28c157208e5cd77\" tg-width=\"640\" tg-height=\"150\" referrerpolicy=\"no-referrer\"/><span>NIO Revenue Recognition Policy on BaaS Sales (NIO 2021 20F)</span></p><p>In compliance with GAAP-based accounting for revenue recognition, a sale is reported to the income statement when a performance obligation is satisfied. Under NIO’s affiliation with Weineng, NIO sells Weineng a battery pack when a customer buys a vehicle with BaaS subscription. The performance obligation here is that NIO needs to provide a battery pack to Weineng, and once this is satisfied, NIO is permitted to recognize revenue on the battery sale based on a pre-contracted transaction price for the performance obligation. For NIO, the battery sold would have been previously considered as inventory. Following the recognition of the battery sale, NIO would have also recorded cost of sales pertaining to removing the battery from its inventory balance on the balance sheet:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2203faf29e5b271342335935df358d86\" tg-width=\"389\" tg-height=\"208\" referrerpolicy=\"no-referrer\"/><span>Journal Entries for Battery Sales Business Model (Author)</span></p><p>In Weineng’s case, however, its performance obligation to customers is the provision of battery lending services on a monthly or annual basis, depending on the subscription option. As such, Weineng can only recognize monthly / annual BaaS revenue over time when it satisfies its battery lending obligation to customers. Weineng would also have to record depreciation costs over the useful life of its batteries, which are considered property, plant and equipment used in facilitating its service business:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4bf30456c1ff78b902edfa34d719f150\" tg-width=\"598\" tg-height=\"175\" referrerpolicy=\"no-referrer\"/><span>Journal Entries for BaaS Business Model (Author)</span></p><p>This arrangement essentially allows NIO to recognize 100% of revenues pertaining to the battery pack sold to Weineng upfront upon selling a vehicle booked on BaaS on a one-for-one basis, instead of recognizing BaaS revenue and related depreciation costs on the batteries used in the BaaS business over time. The disclosed BaaS revenue recognition method for NIO also infers that the number of battery packs sold to Weineng should be equivalent to the number of BaaS subscribers as of period-end. BaaS revenues and related costs of sales (e.g. depreciation costs on batteries) recognized over time are instead in the books of Weineng, in which NIO accounts for on its balance sheet as an equity-accounted investment.</p><p>Because Weineng is an equity-accounted investment and not a consolidated entity in which NIO controls under the definition set out by GAAP-based accounting, NIO is not required to perform intragroup eliminations pertaining to the related party transaction. Instead, it is required to disclose the relationship, as well as the related amounts if material. This information is disclosed in NIO’s 2021 20 Funder “Note 26. Related Party Balances and Transactions”. Revenue and income generated by Weineng are accounted for in NIO’s financial statements as “share of (loss) / income of equity investees” pro-rated for its non-controlling interest.</p><p><b>Grizzly’s Core Short Thesis</b></p><p>Grizzly alleges the move is a fraudulent measure taken by NIO to “exaggerate revenue and profitability”. The short-seller has accused NIO of using the accounting “loophole” to frontload battery revenues pertaining to BaaS that should have been recognized over a course of about seven years (i.e. battery discount on BaaS vehicle purchase, divided by annual BaaS subscription fee).</p><p>In addition to frontloading revenue recognition on BaaS sales, Grizzly has also identified a discrepancy between the number of active BaaS subscribers and battery packs owned by Weineng as of September 30, 2021. Grizzly found thatWeineng had ownership of 40,053 battery packs as of September 30, 2021, but only had 19,000 active BaaS subscribers during the period, which is inconsistent with NIO’s claims that it only records battery sales to Weineng on a back-to-back basis with BaaS vehicle sales. Grizzly has attributed the discrepancy as NIO’s way of artificially inflating revenues by selling more battery packs to Weineng than it needs to fulfil BaaS performance obligations.</p><p>In order to support its claim that NIO is defrauding investors via the unconsolidated related party, Grizzly has also gathered additional research in an attempt to support the three key elements of the fraudulent triangle:</p><p><b>Opportunity:</b>As mentioned in the accounting overview section, the ownership structure between NIO and Weineng is accounted for as an equity-accounted investment, which allows NIO to bypass related party transaction eliminations on its financial statements. This accordingly provides an opportunity for NIO to artificially inflate its revenues at the group level by recording sales to the equity-accounted subsidiary, without the need to back it out at period end. Under GAAP-based accounting rules on related party transactions, NIO is required to disclose material details to the relationship, in which it has complied with.</p><p>The organizational structure also provides NIO an ability to recognize BaaS revenues upfront, instead of over an extended period of time given the difference in performance obligation it owes toWeinengcompared to thoseWeineng owes to BaaS subscribers. Grizzly also claims the method has allowed NIO to bypass depreciation costs on battery assets to the tune of RMB 336 million per year.</p><p><b>Incentive:</b>Grizzly has gone through extensive measures to dig up evidence to support NIO has a valid incentive for exaggerating its revenue and profitability. Citing an agreement between NIO and a state-backed consortium which has invested in a wholly-owned subsidiary “NIO China”, which requires NIO to redeem the investment upon failure in meeting pre-established performance metrics, such as achieving revenues of RMB 120 billion by 2024. However, the publicly disclosed information per NIO’s regulatory filings does not specify whether the RMB 120 billion revenue performance metric is required on an annual basis or on a cumulative basis between the time at which the agreement was forged with the state-backed investment consortium and 2024.</p><p>Grizzly has also inferred incentive for NIO to exaggerate its top- and bottom-line as a mean to pretty its valuation prospects, and attract investors from the public market.</p><p><b>Rationalization:</b>The short-seller report lacks support for how NIO tried to rationalize the alleged fraudulent reporting behaviour. However, Grizzly has proceeded to gather evidence to bolster its claim of why the likelihood of fraud at NIO is high. These include findings about NIO CEO Li’s past association with personnel that have been previously linked to high-profile fraudulent financial reporting cases like Luckin Coffee(OTCPK:LKNCY). Grizzly has also alluded to questionable behaviour by NIO CEO Li, such as pledging a NIO-affiliated subsidiary, “NIO User Trust”, in which Li personally controls to UBS AG without directly addressing the matter to shareholders. While these findings may warrant clarification from management, there is insufficient ground to warrant a fraudulent sentence to the company.</p><p>NIO management has also refuted Grizzly’s claims, saying allegations outlined in the report are “without merit and contains numerous errors, unsupported speculations and misleading conclusions and interpretations”, and has committed to bolstering public disclosures going forward to protect shareholders’ interests. Nowhere has the company tried to outright rationalize fraudulent reporting.</p><p><b>Challenging Grizzly’s Conclusion on “Control” Established by NIO Over Weineng</b></p><p>In addition to character assassination on Li to support its claims for fraudulent reporting behaviour at NIO, Grizzly has also attempted to conclude NIO’s control over Weineng. As mentioned in earlier sections, if NIO effectively “controls” Weineng, it would have to consolidate the investment and eliminate any earnings recorded via related party transactions.</p><p>First, Grizzly has identified “conflicting disclosure” between NIO’s claim that it has “significant influence” over Weineng in one place, and NIO’s claim that it only has “limited control over the business operations” ofWeinengin another place within a same regulatory filing. However, the words “significant influence” and “control” used within NIO’s regulatory filings are defined differently under GAAP-based accounting rules from general definitions of power that everyday investors are familiar with.</p><p>Significant influence is defined as “the power to participate in the financial and operating policy decisions of the investee without the power to control or jointly control those policies” under GAAP-based accounting. Significantly influence is typically established when an “entity holds, directly or indirectly, 20% or more of voting power of the investee”. NIO’s 19.8% equity interest in Weineng is sufficient to presume its “significant influence” over the investment:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/505c64f7bc18c02131dd830e5f2a5462\" tg-width=\"640\" tg-height=\"260\" referrerpolicy=\"no-referrer\"/><span>GAAP Rules on Investments in Associates and Joint Ventures (IAS)</span></p><p>Pointing to our earlier reference to the definition of control established in GAAP-based accounting, the acquiring party only establishes “control” over the acquired party if it demonstrates three primary elements:</p><p>1. “<b>Power</b>” over the acquired entity, which is defined under GAAP as a substantive right exercised by an acquirer over the acquiree for non-protective benefits (e.g. exercising rights without the need for breach of contract or majority investor support). Based on publicly disclosed information in NIO’s regulatory filings, it only holds one of nine board seats on Weineng. There is also no mention of voting agreements that would pass on majority board and/or owner voting rights to NIO. With one of nine board seats, and a 19.8% equity interest, NIO does not exhibit power over Weineng to establish control.</p><p>2. Exposure to<i>variable returns</i>from the acquiree based on the acquirer’s involvement. NIO does not generate additional fees from Weineng based on Weineng’s performance. NIO is only exposed to Weineng’s earnings through its equity-accounted share of the investment.</p><p>As for the acquirer’s involvement in interfering with returns generated from the acquiree, Grizzly has pointed to the installation of two existing NIO executives to Weineng in management roles that include “Legal Representative and Chairman” and “General Manager and Director”. However, considering NIO’s significant influence over Weineng as defined under GAAP rules explained earlier, it is not unusual for the two parties to share employees or for NIO to “participate in the financial and operating policy decisions” of Weineng through the two shared employees. As such, NIO can account for its investment inWeinengas an equity-accounted investment, as long as “control” is not established even if it has installed employees at Weineng. Based on NIO’s failure to meet criterion 1 “power”, it already fails to establish control under GAAP rules over Weineng based on the existing ownership and voting structure disclosed in regulatory filings.</p><p>Grizzly has also alluded to the installation of two NIO executives in the daily operations of Weineng as a “major conflict of interest”. However, the auditor’s report per NIO’s audited 2021 20F states that “the company has maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established in<i>Internal Control – Integrated Framework</i>(2013) issued by the COSO”. The COSO framework requires that internal controls address segregation of duty requirements to ensure fair presentation of financial information without material misstatements whether due to error or fraud. As such, it is reasonable to believe that segregation of duty controls in place pertaining to the two executives’ roles in both NIO and Weineng have been tested as effective as of the reporting date.</p><p>3. The acquiring party is a<i>principal</i>in the transaction, and not an agent. Under GAAP-based accounting, an agent is “primarily engaged to act on behalf and for the benefit of another party…[and] does not control an investee when it exercises decision-making rights delegated to it”. In determining whether NIO is an agent over Weineng, the i) scope of NIO’s decision-making authority over Weineng, ii) the rights held by other investors in Weineng, iii) the remuneration in which NIO is entitled to in its affiliation with Weineng, and iv) NIO’s exposure to variability of returns from its interest in Weineng must be considered:</p><ul><li>Based on the foregoing analysis, we know that NIO’s sole decision-making authority over Weineng is limited given it only holds 19.8% equity interest with one in nine board seats in the joint venture. The two NIO executives installed in the daily operations of Weineng also do not exhibit characteristics of sole control over the joint ventures’ business.</li><li>The remainder of the investment consortium over Weineng holds the remaining eight of nine board seats, and 80.2% equity interest in the joint venture. There have also been no mention of signed-over voting rights by the investment consortium to NIO in publicly disclosed information that would give NIO control over Weineng.</li><li>In addition to battery sales, NIO is also entitled to service revenue earned from Weineng through service agreements. NIO earns revenue for providing “battery packmonitoring, maintenance, upgrade, replacement, IT system support, etc.” to Weineng via monthly service charges. As of the reporting year ended December 31, 2021, service revenues pertaining to the service agreements between NIO and Weineng were immaterial according to disclosures in “Note 2. Summary of Significant Accounting Policies”, section<i>(r) Revenue recognition</i>in the 2021 20F.</li><li>As discussed in the control assessment under criterion 2, NIO’s exposure to variability of returns in its investment in Weineng is insufficient to establish control under GAAP-based accounting.</li></ul><p><b>Challenging Grizzly’s Quantification of NIO’s Alleged Revenue and Profit Inflation</b></p><p>Grizzly believes NIO has inflated revenue and net income by “about 10% and 95%, respectively”, via its affiliation with Weineng. Grizzly’s calculations, as well as our skepticism, is outlined as follows:</p><p><b>1. Frontloaded Revenue via Battery Sales to Weineng</b></p><p><b>Grizzly’s accusation.</b>As discussed in the foregoing analysis, Grizzly identified that NIO has been recognizing battery revenues pertaining to BaaS upfront via its affiliation with Weineng. Instead of recognizing BaaS revenues over time when the service performance obligation is satisfied, NIO is able to recognize 100% of battery revenues sold to customers via BaaS subscriptions through the Weineng JV. Grizzly claims that this arrangement effectively allows NIO to pull forward seven years of BaaS revenue upfront.</p><p><b>Grizzly’s calculation of quantified impacts.</b>Considering vehicle purchase discounts ranging RMB 70,000 (70/75 kWh battery pack) to RMB 128,000 (100 kWh battery pack) upon buyer’s subscription to BaaS, Grizzly has taken the lower end of the range (i.e. RMB 70,000) as the proxy for battery pack revenues. Based on annual BaaS subscription fees at RMB 11,760 (RMB 980/mo.) for the 70 kWh battery pack, which yields a vehicle discount of RMB 70,000 with subscription to BaaS, Grizzly has assumed a BaaS revenue recognition timeline of about seven years (i.e. RMB 70,000 discount, divided by RMB 11,760 annual BaaS subscription fee, adjusted for inflation) – we consider this a reasonable assumption.</p><p>Now, as of September 30, 2021, a public regulatory filing by Weineng disclosed that it had 19,000 active BaaS subscribers. 18% of its subscription base were subscribed to the RMB 1,480/mo. 100 kWh battery pack, and 82% were subscribed to the RMB 980/mo. 70/75 kWh battery pack at the time.</p><p>Grizzly’s calculation of inflated revenues and income pertaining to NIO’s sale of 19,000 BaaS-related batteries to Weineng in the nine months ending September 30, 2021 is as follows:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/21e7d58b24ac2bde6344b4206ef9be8e\" tg-width=\"592\" tg-height=\"395\" referrerpolicy=\"no-referrer\"/><span>Grizzly&#39;s Computation of Inflated Revenue and Income Pertaining to Pulled Forward BaaS Sales (Grizzly Research)</span></p><p>As of the nine months ended September 30, 2021, NIO had generated RMB 2,796 million in revenues from the sale of batteries to Weineng (full year 2021 revenues generated from Weineng: RMB 4,138 million, 11% of total NIO 2021 revenue). Based on 19,000 active BaaS subscribers, and ownership of 40,053 battery packs owned as reported by Weineng as of September 30, 2021, Grizzly estimates that only 47% of the RMB 2,796 million in revenues generated from the sale of goods to Weineng are related to “real” BaaS sales. Essentially, Grizzly claims only RMB 1,326 million of RMB 2,796 million in sales of goods to Weineng recognized on NIO’s income statement in the nine months ended September 30, 2021 are related to real BaaS battery sales.</p><p>The RMB 1,326 million pertaining to 19,000 battery packs sold to Weineng for the number of active BaaS subscribers at the time is effectively the “upfront” revenue recognized by NIO, which should have been recognized over a course of seven years instead based on the estimated performance obligation timeline discussed in earlier sections. Without Weineng, NIO would have instead had to recognize BaaS revenues related to the 19,000 subscribers over time, which is equivalent to RMB 179 million in the nine month period ending September 30, 2021. This essentially means NIO had allegedly pulled forward RMB 1,147 million in revenues related to BaaS sales in the nine months ending September 30, 2021.</p><p>In the nine months ended September 30, 2021, NIO had reported total revenue of RMB 26,236 million and net losses of RMB 1,874 million. The RMB 1,147 million in pulled forward BaaS revenues represents 4% of total revenues recognized over the nine-month reporting period.</p><p>To generate the “adjusted” net income that NIO would have reported had Weineng never existed, Grizzly had removed RMB 1,147 million in pulled forward revenues pertaining to BaaS sales directly from actual reported net losses of RMB 1,874 million. This accordingly yields adjusted net losses of RMB 3,021 million for the nine months ending September 30, 2021 at NIO, or a variance of 61%.</p><p><b>Issue with Grizzly’s claim.</b>In Grizzly’s calculation of adjusted net losses had BaaS revenue never been pulled forward at NIO via its affiliation with Weineng, the short-seller did not add back costs of sales that NIO would have recognized when it sold the battery packs to Weineng and recorded the related revenue.</p><p>While profit margins on NIO’s battery pack sales to Weineng are not disclosed, Grizzly had used 20% as a proxy, which is “consistent with the margin of an entire vehicle [considering] batteries are a cost center for all vehicles”. Using the 20% profit margin proxy on 19,000 battery pack sales to Weineng totalling RMB 1,326 million in the nine months ending September 30, 2021, NIO would have recorded related cost of sales of RMB 1,060.9 million (i.e. 0.8% cost of revenues x RMB 1,326 million battery revenues recorded on the sale of 19,000 units to Weineng in the nine months ending September 30, 2021).</p><p>When Grizzly removed/pulled forward BaaS revenues of RMB 1,147 million from NIO’s actual net losses of RMB 1,874 million reported in the nine months ending September 30, 2021, Grizzly should have also added back related cost of sales totalling RMB 917.6 million in determining the adjusted net income reported.</p><p><b>Livy’s revised calculation of quantified impacts.</b></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/324a74d6eeeb60a4bd2da9251d4d6ed8\" tg-width=\"640\" tg-height=\"416\" referrerpolicy=\"no-referrer\"/><span>Livy&#39;s Computation of Revenue and Income Variances Pertaining to NIO&#39;s Alleged Frontloading of BaaS Sales (Author)</span></p><p>The above revised net income adjustment backs out alleged pulled forward BaaS revenues by NIO through its affiliation with Weineng from actual net losses reported by NIO in the nine months ending September 30, 2021. The orange-highlighted cells represent the incremental cost of sales pertaining to pulled forward BaaS revenues that should have been added back to adjusted net income in order to represent a fair representation of NIO’s adjusted net losses for the nine months ending September 30, 2021 if Weineng never existed and the EV maker had to recognize BaaS revenues over time. This adjustment accordingly reduces the variance of 61% from Grizzly’s calculation of adjusted net losses, to 12% – a material difference that, like Grizzly is accusing NIO of doing, misleads investors on the matter discussed.</p><p><b>2. Revenues from Oversupplied Batteries to Weineng</b></p><p><b>Grizzly’s accusation.</b>Based on NIO’s revenue recognition method on BaaS sales, the number of battery packs sold to Weineng should be equivalent to the number of vehicle buyers that have subscribed to BaaS at the time of purchase. Based on 19,000 active BaaS subscribers reported by Weineng as of September 30, 2021, it is easy to assume that NIO should have only sold 19,000 battery packs to Weineng in the nine months ending September 30, 2021 as well to comply with the EV maker’s revenue recognition method on BaaS sales outlined in its 2021 20F.</p><p>However, Weineng had reported ownership of 40,053 battery packs as of September 30, 2021, which exceeds its active subscriber base of 19,000 by 21,053 units. As such, Grizzly has accused NIO of intentionally overselling battery packs to Weineng to inflate revenues.</p><p>While the discrepancy is indeed a question for management, Grizzly had cited that there is no need for Weineng to hold that many additional battery packs, even for operational purposes. Grizzly had gone on to explain its field work done at NIO Power Swap stations to verify that there is no difference between BaaS battery packs owned by Weineng and battery packs used in swap stations owned by NIO. However, we believe the additional field work is a moot point, considering NIO Power Swap operations are not related to Weineng. Weineng only facilitates NIO’s BaaS battery lending business, and nothing else – Grizzly did not even have to go out of its way to check on NIO’s Power Swap stations and hold conversations with sales staff at NIO’s car centers.</p><p><b>Livy’s response.</b>While the number of battery packs owned by Weineng should essentially be equivalent to the number of active BaaS subscribers, there is a possibility that a total of 40,053 NIO vehicle sales between 2020 when BaaS was established and September 30, 2021 had subscribed to BaaS. Perhaps, as of reporting date on September 30, 2021, there were 21,053 BaaS subscribers that have halted monthly subscriptions, which is not surprising given the third quarter is not a typical driving season, and there is a possibility that these NIO vehicle owners did not need to use their vehicles during the period.</p><p>Grizzly has also supported its claim that NIO oversupplied battery packs to Weineng to intentionally inflate revenues by saying that Weineng has no storage facility to store its 21,053 excess battery packs as of September 30, 2021. However, we do not find this surprising, as BaaS subscribers that have halted monthly subscriptions might be holding onto the emptied battery packs on consignment or have returned them to a NIO servicing center where NIO has held onto these Weineng-owned battery packs on consignment. The lack of battery pack storage facility owned by Weineng does not conclude that its ownership of the excess battery packs is fraudulent and made up.</p><p>There can be many reasons why a discrepancy exists between the number of active BaaS subscribers and battery packs owned by Weineng at the end of a reporting period. The above are just two assumptions that could invalidate Grizzly’s accusation (which is also an assumption). The real answer to the discrepancy can only be explained by NIO and Weineng management.</p><p><b>Grizzly’s calculation of quantified impacts.</b>In determining the inflated revenue and earnings specific to the allegedly oversupplied battery packs from NIO to Weineng, Grizzly had performed the following calculations:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a2497da8272eec2b6020c07b7ee06b1f\" tg-width=\"580\" tg-height=\"420\" referrerpolicy=\"no-referrer\"/><span>Grizzly&#39;s Computation of Revenue and Net Income Variances Pertaining to Oversupplied Batteries (Grizzly Research)</span></p><p>In deriving the inflated revenues related to the allegedly oversupplied battery packs, Grizzly had determined the percentage of battery packs owned by Weineng as of September 30, 2021 that were in excess to its active subscriber base as 53% (i.e. 21,053 excess battery packs, divided by 40,053 battery packs owned by Weineng as of September 30, 2021). The percentage was applied to total revenue recognized by NIO pertaining to the sale of battery packs to Weineng in the nine months ending September 30, 2021, resulting in oversold battery revenues of RMB 1,470 million (i.e. 53% oversold batteries x RMB 2,796 million in related party revenues from Weineng recorded by NIO for the nine months ending September 30, 2021).</p><p>In the nine months ended September 30, 2021, NIO had reported total revenue of RMB 26,236 million and net losses of RMB 1,874 million. The RMB 1,470 million in oversold battery revenue represents 6% of total NIO revenues recognized over the nine-month reporting period.</p><p>Considering Grizzly’s 20% profit margin assumption on battery pack sales as discussed in earlier sections, the oversold battery packs to Weineng would have generated net income of RMB 294 million in the nine months ending September 30, 2021. As such, backing out RMB 294 million in overstated profits back to NIO’s actual reported net losses of RMB 1,874 million in the nine-month period ending September 30, 2021 would have yield adjusted net losses of RMB 2,168 million, representing a variance of 16%.</p><p>We have no issues with this calculation performed by Grizzly, other than concerns over the short-seller’s claims that these 20,053 battery packs were intentionally “oversold” by NIO to Weineng to artificially boost revenues.</p><p><b>3. Shifting Depreciation Costs</b></p><p><b>Grizzly’s Accusations.</b>Grizzly has accused NIO of indirectly shifting depreciation costs on the battery packs sold to Weineng, saving the EV maker north of RMB 336 million in depreciation expense on an annual basis.</p><p>Specifically, Grizzly has assumed a 20% profit margin on NIO’s battery sales totalling RMB 2,796 million generated from Weineng in the nine months ending September 30, 2021. This represents battery assets valued at a cost basis of RMB 2.25 billion (i.e. 80% cost x RMB 2,796 in battery sales to Weineng, adjusted for minor rounding differences) removed from the EV maker’s balance sheet over the same period.</p><p>Based on the five to eight years useful life attributable to equipment, including battery packs, used in NIO’s Power Swap business as disclosed in its 2021 20F, Grizzly has assumed an annual depreciation rate of about 15% on the battery packs sold to Weineng and removed from NIO’s balance sheet in the nine months ending September 30, 2021. This is consistent with the assumed BaaS revenue recognition timeline of about seven years as discussed in earlier sections. As such, Grizzly has accused NIO of avoiding depreciation costs of RMB 336 million (i.e. 15% battery depreciation rate x RMB 2,796 million in battery pack sales to Weineng) in the nine months ending September 30, 2021. The short-seller has also alluded to the RMB 336 million as a proxy for annual depreciation costs that NIO has avoided via its arrangement with Weineng.</p><p><b>Issue with Grizzly’s claim.</b>There are two folds to this situation:</p><p><b>1. BaaS Business Model:</b>Under the BaaS business model, the battery packs are considered equipment used in facilitating a service business. As such, the related battery packs would be subjected to depreciation over its useful life. In NIO’s case, if Weineng never existed and the EV maker consolidates its BaaS business, NIO would have had to recognized BaaS revenues pertaining to the 19,000 battery packs that Grizzly has attributed to the BaaS business over seven years, and accordingly record depreciation costs on these battery packs as well over their useful lives of about seven years. As mentioned in earlier sections, the related journal entries under the BaaS business model is as follows:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e89611dda7a7e83881997628fe7aae3\" tg-width=\"640\" tg-height=\"187\" referrerpolicy=\"no-referrer\"/><span>Journal Entries for BaaS Business Model (Author)</span></p><p><b>2. Battery Sales Business Model:</b>in the current situation where NIO has sold the battery packs to Weineng, the battery packs are considered inventory to NIO. There is no depreciation costs related to inventory under GAAP-based accounting. Instead, NIO needs to record the costs of this inventory when they are removed from its balance sheet once the sale is recognized. As mentioned in earlier sections, the related journal entries under the battery sale business model is as follows:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2203faf29e5b271342335935df358d86\" tg-width=\"389\" tg-height=\"208\" referrerpolicy=\"no-referrer\"/><span>Journal Entries for Battery Sales Business Model (Author)</span></p><p>Now, in NIO’s current actual situation, it is engaged in a battery sales business model under its performance obligation to Weineng, while Weineng is engaged in a BaaS business model under its performance obligation to BaaS subscribers.</p><p>As discussed in our first challenge to Grizzly’s calculations pertaining to pulled forward revenue on BaaS battery sales to Weineng, NIO would have recorded costs of sales pertaining to the sold battery inventory when it recognized the related revenues. And this cost of sales number, based on a 20% profit margin assumption consistent with that used by Grizzly, would have accounted for the costs of battery inventory removed from NIO’s balance sheet upon completion of the sale to Weineng. This is consistent with Grizzly’s own calculation pertaining to profit margins on the battery packs that it alleges NIO had oversupplied to Weineng, which is inclusive of cost of sales related to written off inventory incurred by NIO upon recognition of related revenues.</p><p>If NIO was engaged in the BaaS business model itself, without the intervention of Weineng, it would have recognized depreciation at a rate of 15% per year on the battery packs. However, under the upfront sale of related battery packs to Weineng, NIO would have recorded related cost of sales at an upfront rate of 80% as well. So basically, instead of recording revenues and depreciation costs on battery packs over time, NIO essentially recorded revenues and battery inventory costs upfront under its current arrangement with Weineng.</p><p><b>Grizzly’s calculation of quantified impacts.</b>Grizzly’s accusation that NIO has overstated revenues and earnings by 10% and 95%, respectively, through its affiliation with Weineng is calculated as follows:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96f972c8d488406cd690b0672265e62b\" tg-width=\"576\" tg-height=\"498\" referrerpolicy=\"no-referrer\"/><span>Grizzly&#39;s Computation of Total Revenue and Income Inflation (Grizzly Research)</span></p><p>As discussed in earlier sections, NIO’s pulled forward BaaS revenues and inflated battery sales revenues via its affiliation with Weineng represent 4% and 6% of its total revenues, respectively, recognized in the nine months ending September 30, 2021. This represents the 10% in inflated NIO revenues as Grizzly has outlined in the above calculation.</p><p><b>Livy’s revised calculation of quantified impacts.</b>While we have yet to reconcile the RMB 1,777 million in total inflated net income that Grizzly has accused NIO of recognizing (please let us know in comments if you know), we believe the 95% variance identified by Grizzly is not a fair presentation of the quantified impact of its core short thesis.</p><p>Our calculation of the quantified impact pertaining to Grizzly’s accusations that NIO has inflated revenue and earnings through (1) pulling forward BaaS sales, and (2) oversupplying batteries to Weineng, is as follows:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1ffe9833bb562f66e5365e077d7741d4\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/><span>Livy&#39;s Computation of Alleged Overstatements Related to Alleged Frontloading of BaaS Revenue (Author)</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/230a54833c34b3a9920a03524c28e960\" tg-width=\"640\" tg-height=\"361\" referrerpolicy=\"no-referrer\"/><span>Livy&#39;s Computation of Alleged Overstatements Pertaining to Alleged Overselling of Battery Supplies (Author)</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ccf9a3a0482b46cee102e66d5137113f\" tg-width=\"640\" tg-height=\"220\" referrerpolicy=\"no-referrer\"/><span>Livy&#39;s Computation of Alleged Revenue Overstatement (Author)</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c7ec5a61d7fd491aec81d9a48a92020\" tg-width=\"640\" tg-height=\"188\" referrerpolicy=\"no-referrer\"/><span>Livy&#39;s Computation of Alleged Overstatement in Net Income (Author)</span></p><p>Under Grizzly’s accusations of inflated revenue and earnings by NIO through its affiliation with Weineng, if found valid (which we remain skeptical of), NIO would have overstated net losses in the nine months ending September 30, 2021 by 28% instead of the 95% that Grizzly alleges – a material difference that again misleads investors on the estimated quantified impact pertaining to the accusations claimed by the short-seller. The net income variance of RMB 523 million ($78 million) found in our calculation is also immaterial (&lt; 1%) based on NIO’s market value of $58.38 billion as of September 30, 2021 and NIO’s market value of approximately $35 billion today.</p><p><b>Final Thoughts</b></p><p>As discussed in the introduction of this analysis, Grizzly had also touched on things like NIO CEO Li’s association with fraudulent personnel, the pledge of NIO User Trust to UBS AG, and conflict of interests to further support its argument that NIO is engaged in fraudulent financial reporting. However, these are groundless allegations that have yet to be substantiated to infer Li is committing fraud via NIO’s operations. While investors should always exercise professional skepticism on publicly disclosed information in regulatory filings when making investment decisions, the same skepticism should also be placed on external claims – such as those by the short-seller, commentary by external sources, and/or even commentary herein – especially if they argue that correlation = causation (e.g. Grizzly’s method in inferring that fraud at NIO is substantiated given “dirt” it has dug up on Li’s past).</p><p>While we agree that there are some good takeaways from the short-seller report that may require further clarification from management, it is important to recognize and acknowledge that a lot of it might also be misleading – or in the words of Grizzly, “exaggerated”. This is also consistent with NIO’s stock performance during Tuesday and Wednesday’s session following release of the short-seller report. The stock has largely moved in consistency with the ongoing market rout, and broad-based selloff across the EV sector, with no extreme deviation due to the negative headline from Grizzly, which indicates that market participants, especially significant shareholders in NIO, are still digesting the latest external allegations.</p><p>At the end of the day, NIO remains one of the most viable EV businesses in the emerging sector, with continued demand for its vehicles to support further growth over the long-run. Unlike some of the upstarts in the increasingly competitive EV landscape that have been accused of fraud, such as Nikola (NKLA), Lordstown Motors (RIDE), and Faraday Future (FFIE), NIO already operates a global business with a substantiated vehicle order book to support the bulk of its top- and bottom-line expansion, which continues to support its positive valuation prospects ahead.</p><p>This article was written by Livy Investment Research</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NIO: Questions And Challenges To The Grizzly Short-Seller Report</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNIO: Questions And Challenges To The Grizzly Short-Seller Report\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-30 12:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4521053-nio-questions-and-challenges-to-the-grizzly-short-seller-report?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A2><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryShort-seller Grizzly Research has released a report outlining findings of alleged fraud by NIO on Tuesday evening.The report attempted to outline how NIO, through an unconsolidated entity, is ...</p>\n\n<a href=\"https://seekingalpha.com/article/4521053-nio-questions-and-challenges-to-the-grizzly-short-seller-report?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","09866":"蔚来-SW","NIO.SI":"蔚来"},"source_url":"https://seekingalpha.com/article/4521053-nio-questions-and-challenges-to-the-grizzly-short-seller-report?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A2","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1121505043","content_text":"SummaryShort-seller Grizzly Research has released a report outlining findings of alleged fraud by NIO on Tuesday evening.The report attempted to outline how NIO, through an unconsolidated entity, is falsely inflating revenue and net income pertaining to its BaaS business.The report also accused CEO Bin Li of association with fraudulent activities in the past. The information was largely used as support for Grizzly's claims of financial manipulation at NIO.However, we believe some of the information reported by Grizzly have been exaggerated to support its short bias against NIO. We also question the validity of some of the quantified impacts that Grizzly is claiming against NIO's BaaS operations.Drew Angerer/Getty Images NewsGrizzly Research (\"Grizzly\") has released a short-seller report on NIO (NYSE:NIO) Tuesday morning, citing the Chinese electric vehicle (“EV”) company has engaged in the exaggeration of revenue and profitability via aggressive accounting methods and fraudulent means. In addition to outlining the allegedmeasures NIO has taken to falsely inflate its top- and bottom-line since 2020, Grizzly has also gathered extensive research in an attempt to character-assassinate NIO CEO Bin Li in order to “dot the i’s and cross the t’s” in its argument that the three core elements of fraud – opportunity, incentive and rationalization – exist in this situation for the EV maker.While some of the findings raised in the short-seller report may raise questions that only NIO management can answer, there are also questionable and groundless arguments made by Grizzly that could significantly mislead and deceive existing and potential investors in the EV stock. The following analysis will focus on an overview of the short-seller’s core claim against NIO – namely, false inflation of revenue and net income via aggressive accounting and potentially fraudulent means – and provide a walkthrough of questions / challenges we have over the validity of some of those claims.Accounting Crash Course: NIO’s BaaS Revenue Recognition MethodThrough publicly disclosed information within NIO’s audited annual report, Grizzly had identified that NIO is frontloading and inflating revenue recognition pertaining to its battery-as-a-service (“BaaS”) sales via an unconsolidated related party.In 2020, NIO, alongside an external consortium of investors that consist of EV battery maker CATL, Hubei Science Technology Investment Group, and a subsidiary of Fuotai Junan International Holdings Limited, have together created the joint venture “Wuhan Weineng Battery Asset Co., Ltd.,” (“Weineng”). Weineng was established in 2020, the same time when NIO’s battery lending service BaaS was introduced.Under BaaS, NIO customers are eligible for a one-time discount of up to RMB 128,000 ($19,133) on the vehicle purchase if they opt for the battery lending subscription program instead of buying the battery with the vehicle upfront. This strategy has been an effective mean in fuelling the adoption of NIO EVs in China, especially with additional government subsidies for purchases that are compatible with battery swapping technology. All sales and costs pertaining to BaaS are managed by Weineng.Now, the Weineng joint venture, in which NIO holds a 19.8% equity interest in, has been accounted for as an “equity-accounted investment” on the EV maker’s financial statements, given the definition of control under GAAP-based accounting has not been met (further discussed in later sections). Under GAAP-based accounting for related party transactions, “intragroup related party transactions and outstanding balances are eliminated, except for those between an investment entity and its subsidiaries measured at fair value through profit or loss, in the preparation of consolidated financial statements of the group”:GAAP Rules on Related Party Disclosures (IAS)Based on NIO’s disclosures within its audited annual report on its revenue recognition method pertaining to BaaS sales, the EV maker sells its battery packs to Weineng on a “back-to-back” basis when a vehicle is sold to a customer subscribed to BaaS:NIO Revenue Recognition Policy on BaaS Sales (NIO 2021 20F)In compliance with GAAP-based accounting for revenue recognition, a sale is reported to the income statement when a performance obligation is satisfied. Under NIO’s affiliation with Weineng, NIO sells Weineng a battery pack when a customer buys a vehicle with BaaS subscription. The performance obligation here is that NIO needs to provide a battery pack to Weineng, and once this is satisfied, NIO is permitted to recognize revenue on the battery sale based on a pre-contracted transaction price for the performance obligation. For NIO, the battery sold would have been previously considered as inventory. Following the recognition of the battery sale, NIO would have also recorded cost of sales pertaining to removing the battery from its inventory balance on the balance sheet:Journal Entries for Battery Sales Business Model (Author)In Weineng’s case, however, its performance obligation to customers is the provision of battery lending services on a monthly or annual basis, depending on the subscription option. As such, Weineng can only recognize monthly / annual BaaS revenue over time when it satisfies its battery lending obligation to customers. Weineng would also have to record depreciation costs over the useful life of its batteries, which are considered property, plant and equipment used in facilitating its service business:Journal Entries for BaaS Business Model (Author)This arrangement essentially allows NIO to recognize 100% of revenues pertaining to the battery pack sold to Weineng upfront upon selling a vehicle booked on BaaS on a one-for-one basis, instead of recognizing BaaS revenue and related depreciation costs on the batteries used in the BaaS business over time. The disclosed BaaS revenue recognition method for NIO also infers that the number of battery packs sold to Weineng should be equivalent to the number of BaaS subscribers as of period-end. BaaS revenues and related costs of sales (e.g. depreciation costs on batteries) recognized over time are instead in the books of Weineng, in which NIO accounts for on its balance sheet as an equity-accounted investment.Because Weineng is an equity-accounted investment and not a consolidated entity in which NIO controls under the definition set out by GAAP-based accounting, NIO is not required to perform intragroup eliminations pertaining to the related party transaction. Instead, it is required to disclose the relationship, as well as the related amounts if material. This information is disclosed in NIO’s 2021 20 Funder “Note 26. Related Party Balances and Transactions”. Revenue and income generated by Weineng are accounted for in NIO’s financial statements as “share of (loss) / income of equity investees” pro-rated for its non-controlling interest.Grizzly’s Core Short ThesisGrizzly alleges the move is a fraudulent measure taken by NIO to “exaggerate revenue and profitability”. The short-seller has accused NIO of using the accounting “loophole” to frontload battery revenues pertaining to BaaS that should have been recognized over a course of about seven years (i.e. battery discount on BaaS vehicle purchase, divided by annual BaaS subscription fee).In addition to frontloading revenue recognition on BaaS sales, Grizzly has also identified a discrepancy between the number of active BaaS subscribers and battery packs owned by Weineng as of September 30, 2021. Grizzly found thatWeineng had ownership of 40,053 battery packs as of September 30, 2021, but only had 19,000 active BaaS subscribers during the period, which is inconsistent with NIO’s claims that it only records battery sales to Weineng on a back-to-back basis with BaaS vehicle sales. Grizzly has attributed the discrepancy as NIO’s way of artificially inflating revenues by selling more battery packs to Weineng than it needs to fulfil BaaS performance obligations.In order to support its claim that NIO is defrauding investors via the unconsolidated related party, Grizzly has also gathered additional research in an attempt to support the three key elements of the fraudulent triangle:Opportunity:As mentioned in the accounting overview section, the ownership structure between NIO and Weineng is accounted for as an equity-accounted investment, which allows NIO to bypass related party transaction eliminations on its financial statements. This accordingly provides an opportunity for NIO to artificially inflate its revenues at the group level by recording sales to the equity-accounted subsidiary, without the need to back it out at period end. Under GAAP-based accounting rules on related party transactions, NIO is required to disclose material details to the relationship, in which it has complied with.The organizational structure also provides NIO an ability to recognize BaaS revenues upfront, instead of over an extended period of time given the difference in performance obligation it owes toWeinengcompared to thoseWeineng owes to BaaS subscribers. Grizzly also claims the method has allowed NIO to bypass depreciation costs on battery assets to the tune of RMB 336 million per year.Incentive:Grizzly has gone through extensive measures to dig up evidence to support NIO has a valid incentive for exaggerating its revenue and profitability. Citing an agreement between NIO and a state-backed consortium which has invested in a wholly-owned subsidiary “NIO China”, which requires NIO to redeem the investment upon failure in meeting pre-established performance metrics, such as achieving revenues of RMB 120 billion by 2024. However, the publicly disclosed information per NIO’s regulatory filings does not specify whether the RMB 120 billion revenue performance metric is required on an annual basis or on a cumulative basis between the time at which the agreement was forged with the state-backed investment consortium and 2024.Grizzly has also inferred incentive for NIO to exaggerate its top- and bottom-line as a mean to pretty its valuation prospects, and attract investors from the public market.Rationalization:The short-seller report lacks support for how NIO tried to rationalize the alleged fraudulent reporting behaviour. However, Grizzly has proceeded to gather evidence to bolster its claim of why the likelihood of fraud at NIO is high. These include findings about NIO CEO Li’s past association with personnel that have been previously linked to high-profile fraudulent financial reporting cases like Luckin Coffee(OTCPK:LKNCY). Grizzly has also alluded to questionable behaviour by NIO CEO Li, such as pledging a NIO-affiliated subsidiary, “NIO User Trust”, in which Li personally controls to UBS AG without directly addressing the matter to shareholders. While these findings may warrant clarification from management, there is insufficient ground to warrant a fraudulent sentence to the company.NIO management has also refuted Grizzly’s claims, saying allegations outlined in the report are “without merit and contains numerous errors, unsupported speculations and misleading conclusions and interpretations”, and has committed to bolstering public disclosures going forward to protect shareholders’ interests. Nowhere has the company tried to outright rationalize fraudulent reporting.Challenging Grizzly’s Conclusion on “Control” Established by NIO Over WeinengIn addition to character assassination on Li to support its claims for fraudulent reporting behaviour at NIO, Grizzly has also attempted to conclude NIO’s control over Weineng. As mentioned in earlier sections, if NIO effectively “controls” Weineng, it would have to consolidate the investment and eliminate any earnings recorded via related party transactions.First, Grizzly has identified “conflicting disclosure” between NIO’s claim that it has “significant influence” over Weineng in one place, and NIO’s claim that it only has “limited control over the business operations” ofWeinengin another place within a same regulatory filing. However, the words “significant influence” and “control” used within NIO’s regulatory filings are defined differently under GAAP-based accounting rules from general definitions of power that everyday investors are familiar with.Significant influence is defined as “the power to participate in the financial and operating policy decisions of the investee without the power to control or jointly control those policies” under GAAP-based accounting. Significantly influence is typically established when an “entity holds, directly or indirectly, 20% or more of voting power of the investee”. NIO’s 19.8% equity interest in Weineng is sufficient to presume its “significant influence” over the investment:GAAP Rules on Investments in Associates and Joint Ventures (IAS)Pointing to our earlier reference to the definition of control established in GAAP-based accounting, the acquiring party only establishes “control” over the acquired party if it demonstrates three primary elements:1. “Power” over the acquired entity, which is defined under GAAP as a substantive right exercised by an acquirer over the acquiree for non-protective benefits (e.g. exercising rights without the need for breach of contract or majority investor support). Based on publicly disclosed information in NIO’s regulatory filings, it only holds one of nine board seats on Weineng. There is also no mention of voting agreements that would pass on majority board and/or owner voting rights to NIO. With one of nine board seats, and a 19.8% equity interest, NIO does not exhibit power over Weineng to establish control.2. Exposure tovariable returnsfrom the acquiree based on the acquirer’s involvement. NIO does not generate additional fees from Weineng based on Weineng’s performance. NIO is only exposed to Weineng’s earnings through its equity-accounted share of the investment.As for the acquirer’s involvement in interfering with returns generated from the acquiree, Grizzly has pointed to the installation of two existing NIO executives to Weineng in management roles that include “Legal Representative and Chairman” and “General Manager and Director”. However, considering NIO’s significant influence over Weineng as defined under GAAP rules explained earlier, it is not unusual for the two parties to share employees or for NIO to “participate in the financial and operating policy decisions” of Weineng through the two shared employees. As such, NIO can account for its investment inWeinengas an equity-accounted investment, as long as “control” is not established even if it has installed employees at Weineng. Based on NIO’s failure to meet criterion 1 “power”, it already fails to establish control under GAAP rules over Weineng based on the existing ownership and voting structure disclosed in regulatory filings.Grizzly has also alluded to the installation of two NIO executives in the daily operations of Weineng as a “major conflict of interest”. However, the auditor’s report per NIO’s audited 2021 20F states that “the company has maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established inInternal Control – Integrated Framework(2013) issued by the COSO”. The COSO framework requires that internal controls address segregation of duty requirements to ensure fair presentation of financial information without material misstatements whether due to error or fraud. As such, it is reasonable to believe that segregation of duty controls in place pertaining to the two executives’ roles in both NIO and Weineng have been tested as effective as of the reporting date.3. The acquiring party is aprincipalin the transaction, and not an agent. Under GAAP-based accounting, an agent is “primarily engaged to act on behalf and for the benefit of another party…[and] does not control an investee when it exercises decision-making rights delegated to it”. In determining whether NIO is an agent over Weineng, the i) scope of NIO’s decision-making authority over Weineng, ii) the rights held by other investors in Weineng, iii) the remuneration in which NIO is entitled to in its affiliation with Weineng, and iv) NIO’s exposure to variability of returns from its interest in Weineng must be considered:Based on the foregoing analysis, we know that NIO’s sole decision-making authority over Weineng is limited given it only holds 19.8% equity interest with one in nine board seats in the joint venture. The two NIO executives installed in the daily operations of Weineng also do not exhibit characteristics of sole control over the joint ventures’ business.The remainder of the investment consortium over Weineng holds the remaining eight of nine board seats, and 80.2% equity interest in the joint venture. There have also been no mention of signed-over voting rights by the investment consortium to NIO in publicly disclosed information that would give NIO control over Weineng.In addition to battery sales, NIO is also entitled to service revenue earned from Weineng through service agreements. NIO earns revenue for providing “battery packmonitoring, maintenance, upgrade, replacement, IT system support, etc.” to Weineng via monthly service charges. As of the reporting year ended December 31, 2021, service revenues pertaining to the service agreements between NIO and Weineng were immaterial according to disclosures in “Note 2. Summary of Significant Accounting Policies”, section(r) Revenue recognitionin the 2021 20F.As discussed in the control assessment under criterion 2, NIO’s exposure to variability of returns in its investment in Weineng is insufficient to establish control under GAAP-based accounting.Challenging Grizzly’s Quantification of NIO’s Alleged Revenue and Profit InflationGrizzly believes NIO has inflated revenue and net income by “about 10% and 95%, respectively”, via its affiliation with Weineng. Grizzly’s calculations, as well as our skepticism, is outlined as follows:1. Frontloaded Revenue via Battery Sales to WeinengGrizzly’s accusation.As discussed in the foregoing analysis, Grizzly identified that NIO has been recognizing battery revenues pertaining to BaaS upfront via its affiliation with Weineng. Instead of recognizing BaaS revenues over time when the service performance obligation is satisfied, NIO is able to recognize 100% of battery revenues sold to customers via BaaS subscriptions through the Weineng JV. Grizzly claims that this arrangement effectively allows NIO to pull forward seven years of BaaS revenue upfront.Grizzly’s calculation of quantified impacts.Considering vehicle purchase discounts ranging RMB 70,000 (70/75 kWh battery pack) to RMB 128,000 (100 kWh battery pack) upon buyer’s subscription to BaaS, Grizzly has taken the lower end of the range (i.e. RMB 70,000) as the proxy for battery pack revenues. Based on annual BaaS subscription fees at RMB 11,760 (RMB 980/mo.) for the 70 kWh battery pack, which yields a vehicle discount of RMB 70,000 with subscription to BaaS, Grizzly has assumed a BaaS revenue recognition timeline of about seven years (i.e. RMB 70,000 discount, divided by RMB 11,760 annual BaaS subscription fee, adjusted for inflation) – we consider this a reasonable assumption.Now, as of September 30, 2021, a public regulatory filing by Weineng disclosed that it had 19,000 active BaaS subscribers. 18% of its subscription base were subscribed to the RMB 1,480/mo. 100 kWh battery pack, and 82% were subscribed to the RMB 980/mo. 70/75 kWh battery pack at the time.Grizzly’s calculation of inflated revenues and income pertaining to NIO’s sale of 19,000 BaaS-related batteries to Weineng in the nine months ending September 30, 2021 is as follows:Grizzly's Computation of Inflated Revenue and Income Pertaining to Pulled Forward BaaS Sales (Grizzly Research)As of the nine months ended September 30, 2021, NIO had generated RMB 2,796 million in revenues from the sale of batteries to Weineng (full year 2021 revenues generated from Weineng: RMB 4,138 million, 11% of total NIO 2021 revenue). Based on 19,000 active BaaS subscribers, and ownership of 40,053 battery packs owned as reported by Weineng as of September 30, 2021, Grizzly estimates that only 47% of the RMB 2,796 million in revenues generated from the sale of goods to Weineng are related to “real” BaaS sales. Essentially, Grizzly claims only RMB 1,326 million of RMB 2,796 million in sales of goods to Weineng recognized on NIO’s income statement in the nine months ended September 30, 2021 are related to real BaaS battery sales.The RMB 1,326 million pertaining to 19,000 battery packs sold to Weineng for the number of active BaaS subscribers at the time is effectively the “upfront” revenue recognized by NIO, which should have been recognized over a course of seven years instead based on the estimated performance obligation timeline discussed in earlier sections. Without Weineng, NIO would have instead had to recognize BaaS revenues related to the 19,000 subscribers over time, which is equivalent to RMB 179 million in the nine month period ending September 30, 2021. This essentially means NIO had allegedly pulled forward RMB 1,147 million in revenues related to BaaS sales in the nine months ending September 30, 2021.In the nine months ended September 30, 2021, NIO had reported total revenue of RMB 26,236 million and net losses of RMB 1,874 million. The RMB 1,147 million in pulled forward BaaS revenues represents 4% of total revenues recognized over the nine-month reporting period.To generate the “adjusted” net income that NIO would have reported had Weineng never existed, Grizzly had removed RMB 1,147 million in pulled forward revenues pertaining to BaaS sales directly from actual reported net losses of RMB 1,874 million. This accordingly yields adjusted net losses of RMB 3,021 million for the nine months ending September 30, 2021 at NIO, or a variance of 61%.Issue with Grizzly’s claim.In Grizzly’s calculation of adjusted net losses had BaaS revenue never been pulled forward at NIO via its affiliation with Weineng, the short-seller did not add back costs of sales that NIO would have recognized when it sold the battery packs to Weineng and recorded the related revenue.While profit margins on NIO’s battery pack sales to Weineng are not disclosed, Grizzly had used 20% as a proxy, which is “consistent with the margin of an entire vehicle [considering] batteries are a cost center for all vehicles”. Using the 20% profit margin proxy on 19,000 battery pack sales to Weineng totalling RMB 1,326 million in the nine months ending September 30, 2021, NIO would have recorded related cost of sales of RMB 1,060.9 million (i.e. 0.8% cost of revenues x RMB 1,326 million battery revenues recorded on the sale of 19,000 units to Weineng in the nine months ending September 30, 2021).When Grizzly removed/pulled forward BaaS revenues of RMB 1,147 million from NIO’s actual net losses of RMB 1,874 million reported in the nine months ending September 30, 2021, Grizzly should have also added back related cost of sales totalling RMB 917.6 million in determining the adjusted net income reported.Livy’s revised calculation of quantified impacts.Livy's Computation of Revenue and Income Variances Pertaining to NIO's Alleged Frontloading of BaaS Sales (Author)The above revised net income adjustment backs out alleged pulled forward BaaS revenues by NIO through its affiliation with Weineng from actual net losses reported by NIO in the nine months ending September 30, 2021. The orange-highlighted cells represent the incremental cost of sales pertaining to pulled forward BaaS revenues that should have been added back to adjusted net income in order to represent a fair representation of NIO’s adjusted net losses for the nine months ending September 30, 2021 if Weineng never existed and the EV maker had to recognize BaaS revenues over time. This adjustment accordingly reduces the variance of 61% from Grizzly’s calculation of adjusted net losses, to 12% – a material difference that, like Grizzly is accusing NIO of doing, misleads investors on the matter discussed.2. Revenues from Oversupplied Batteries to WeinengGrizzly’s accusation.Based on NIO’s revenue recognition method on BaaS sales, the number of battery packs sold to Weineng should be equivalent to the number of vehicle buyers that have subscribed to BaaS at the time of purchase. Based on 19,000 active BaaS subscribers reported by Weineng as of September 30, 2021, it is easy to assume that NIO should have only sold 19,000 battery packs to Weineng in the nine months ending September 30, 2021 as well to comply with the EV maker’s revenue recognition method on BaaS sales outlined in its 2021 20F.However, Weineng had reported ownership of 40,053 battery packs as of September 30, 2021, which exceeds its active subscriber base of 19,000 by 21,053 units. As such, Grizzly has accused NIO of intentionally overselling battery packs to Weineng to inflate revenues.While the discrepancy is indeed a question for management, Grizzly had cited that there is no need for Weineng to hold that many additional battery packs, even for operational purposes. Grizzly had gone on to explain its field work done at NIO Power Swap stations to verify that there is no difference between BaaS battery packs owned by Weineng and battery packs used in swap stations owned by NIO. However, we believe the additional field work is a moot point, considering NIO Power Swap operations are not related to Weineng. Weineng only facilitates NIO’s BaaS battery lending business, and nothing else – Grizzly did not even have to go out of its way to check on NIO’s Power Swap stations and hold conversations with sales staff at NIO’s car centers.Livy’s response.While the number of battery packs owned by Weineng should essentially be equivalent to the number of active BaaS subscribers, there is a possibility that a total of 40,053 NIO vehicle sales between 2020 when BaaS was established and September 30, 2021 had subscribed to BaaS. Perhaps, as of reporting date on September 30, 2021, there were 21,053 BaaS subscribers that have halted monthly subscriptions, which is not surprising given the third quarter is not a typical driving season, and there is a possibility that these NIO vehicle owners did not need to use their vehicles during the period.Grizzly has also supported its claim that NIO oversupplied battery packs to Weineng to intentionally inflate revenues by saying that Weineng has no storage facility to store its 21,053 excess battery packs as of September 30, 2021. However, we do not find this surprising, as BaaS subscribers that have halted monthly subscriptions might be holding onto the emptied battery packs on consignment or have returned them to a NIO servicing center where NIO has held onto these Weineng-owned battery packs on consignment. The lack of battery pack storage facility owned by Weineng does not conclude that its ownership of the excess battery packs is fraudulent and made up.There can be many reasons why a discrepancy exists between the number of active BaaS subscribers and battery packs owned by Weineng at the end of a reporting period. The above are just two assumptions that could invalidate Grizzly’s accusation (which is also an assumption). The real answer to the discrepancy can only be explained by NIO and Weineng management.Grizzly’s calculation of quantified impacts.In determining the inflated revenue and earnings specific to the allegedly oversupplied battery packs from NIO to Weineng, Grizzly had performed the following calculations:Grizzly's Computation of Revenue and Net Income Variances Pertaining to Oversupplied Batteries (Grizzly Research)In deriving the inflated revenues related to the allegedly oversupplied battery packs, Grizzly had determined the percentage of battery packs owned by Weineng as of September 30, 2021 that were in excess to its active subscriber base as 53% (i.e. 21,053 excess battery packs, divided by 40,053 battery packs owned by Weineng as of September 30, 2021). The percentage was applied to total revenue recognized by NIO pertaining to the sale of battery packs to Weineng in the nine months ending September 30, 2021, resulting in oversold battery revenues of RMB 1,470 million (i.e. 53% oversold batteries x RMB 2,796 million in related party revenues from Weineng recorded by NIO for the nine months ending September 30, 2021).In the nine months ended September 30, 2021, NIO had reported total revenue of RMB 26,236 million and net losses of RMB 1,874 million. The RMB 1,470 million in oversold battery revenue represents 6% of total NIO revenues recognized over the nine-month reporting period.Considering Grizzly’s 20% profit margin assumption on battery pack sales as discussed in earlier sections, the oversold battery packs to Weineng would have generated net income of RMB 294 million in the nine months ending September 30, 2021. As such, backing out RMB 294 million in overstated profits back to NIO’s actual reported net losses of RMB 1,874 million in the nine-month period ending September 30, 2021 would have yield adjusted net losses of RMB 2,168 million, representing a variance of 16%.We have no issues with this calculation performed by Grizzly, other than concerns over the short-seller’s claims that these 20,053 battery packs were intentionally “oversold” by NIO to Weineng to artificially boost revenues.3. Shifting Depreciation CostsGrizzly’s Accusations.Grizzly has accused NIO of indirectly shifting depreciation costs on the battery packs sold to Weineng, saving the EV maker north of RMB 336 million in depreciation expense on an annual basis.Specifically, Grizzly has assumed a 20% profit margin on NIO’s battery sales totalling RMB 2,796 million generated from Weineng in the nine months ending September 30, 2021. This represents battery assets valued at a cost basis of RMB 2.25 billion (i.e. 80% cost x RMB 2,796 in battery sales to Weineng, adjusted for minor rounding differences) removed from the EV maker’s balance sheet over the same period.Based on the five to eight years useful life attributable to equipment, including battery packs, used in NIO’s Power Swap business as disclosed in its 2021 20F, Grizzly has assumed an annual depreciation rate of about 15% on the battery packs sold to Weineng and removed from NIO’s balance sheet in the nine months ending September 30, 2021. This is consistent with the assumed BaaS revenue recognition timeline of about seven years as discussed in earlier sections. As such, Grizzly has accused NIO of avoiding depreciation costs of RMB 336 million (i.e. 15% battery depreciation rate x RMB 2,796 million in battery pack sales to Weineng) in the nine months ending September 30, 2021. The short-seller has also alluded to the RMB 336 million as a proxy for annual depreciation costs that NIO has avoided via its arrangement with Weineng.Issue with Grizzly’s claim.There are two folds to this situation:1. BaaS Business Model:Under the BaaS business model, the battery packs are considered equipment used in facilitating a service business. As such, the related battery packs would be subjected to depreciation over its useful life. In NIO’s case, if Weineng never existed and the EV maker consolidates its BaaS business, NIO would have had to recognized BaaS revenues pertaining to the 19,000 battery packs that Grizzly has attributed to the BaaS business over seven years, and accordingly record depreciation costs on these battery packs as well over their useful lives of about seven years. As mentioned in earlier sections, the related journal entries under the BaaS business model is as follows:Journal Entries for BaaS Business Model (Author)2. Battery Sales Business Model:in the current situation where NIO has sold the battery packs to Weineng, the battery packs are considered inventory to NIO. There is no depreciation costs related to inventory under GAAP-based accounting. Instead, NIO needs to record the costs of this inventory when they are removed from its balance sheet once the sale is recognized. As mentioned in earlier sections, the related journal entries under the battery sale business model is as follows:Journal Entries for Battery Sales Business Model (Author)Now, in NIO’s current actual situation, it is engaged in a battery sales business model under its performance obligation to Weineng, while Weineng is engaged in a BaaS business model under its performance obligation to BaaS subscribers.As discussed in our first challenge to Grizzly’s calculations pertaining to pulled forward revenue on BaaS battery sales to Weineng, NIO would have recorded costs of sales pertaining to the sold battery inventory when it recognized the related revenues. And this cost of sales number, based on a 20% profit margin assumption consistent with that used by Grizzly, would have accounted for the costs of battery inventory removed from NIO’s balance sheet upon completion of the sale to Weineng. This is consistent with Grizzly’s own calculation pertaining to profit margins on the battery packs that it alleges NIO had oversupplied to Weineng, which is inclusive of cost of sales related to written off inventory incurred by NIO upon recognition of related revenues.If NIO was engaged in the BaaS business model itself, without the intervention of Weineng, it would have recognized depreciation at a rate of 15% per year on the battery packs. However, under the upfront sale of related battery packs to Weineng, NIO would have recorded related cost of sales at an upfront rate of 80% as well. So basically, instead of recording revenues and depreciation costs on battery packs over time, NIO essentially recorded revenues and battery inventory costs upfront under its current arrangement with Weineng.Grizzly’s calculation of quantified impacts.Grizzly’s accusation that NIO has overstated revenues and earnings by 10% and 95%, respectively, through its affiliation with Weineng is calculated as follows:Grizzly's Computation of Total Revenue and Income Inflation (Grizzly Research)As discussed in earlier sections, NIO’s pulled forward BaaS revenues and inflated battery sales revenues via its affiliation with Weineng represent 4% and 6% of its total revenues, respectively, recognized in the nine months ending September 30, 2021. This represents the 10% in inflated NIO revenues as Grizzly has outlined in the above calculation.Livy’s revised calculation of quantified impacts.While we have yet to reconcile the RMB 1,777 million in total inflated net income that Grizzly has accused NIO of recognizing (please let us know in comments if you know), we believe the 95% variance identified by Grizzly is not a fair presentation of the quantified impact of its core short thesis.Our calculation of the quantified impact pertaining to Grizzly’s accusations that NIO has inflated revenue and earnings through (1) pulling forward BaaS sales, and (2) oversupplying batteries to Weineng, is as follows:Livy's Computation of Alleged Overstatements Related to Alleged Frontloading of BaaS Revenue (Author)Livy's Computation of Alleged Overstatements Pertaining to Alleged Overselling of Battery Supplies (Author)Livy's Computation of Alleged Revenue Overstatement (Author)Livy's Computation of Alleged Overstatement in Net Income (Author)Under Grizzly’s accusations of inflated revenue and earnings by NIO through its affiliation with Weineng, if found valid (which we remain skeptical of), NIO would have overstated net losses in the nine months ending September 30, 2021 by 28% instead of the 95% that Grizzly alleges – a material difference that again misleads investors on the estimated quantified impact pertaining to the accusations claimed by the short-seller. The net income variance of RMB 523 million ($78 million) found in our calculation is also immaterial (< 1%) based on NIO’s market value of $58.38 billion as of September 30, 2021 and NIO’s market value of approximately $35 billion today.Final ThoughtsAs discussed in the introduction of this analysis, Grizzly had also touched on things like NIO CEO Li’s association with fraudulent personnel, the pledge of NIO User Trust to UBS AG, and conflict of interests to further support its argument that NIO is engaged in fraudulent financial reporting. However, these are groundless allegations that have yet to be substantiated to infer Li is committing fraud via NIO’s operations. While investors should always exercise professional skepticism on publicly disclosed information in regulatory filings when making investment decisions, the same skepticism should also be placed on external claims – such as those by the short-seller, commentary by external sources, and/or even commentary herein – especially if they argue that correlation = causation (e.g. Grizzly’s method in inferring that fraud at NIO is substantiated given “dirt” it has dug up on Li’s past).While we agree that there are some good takeaways from the short-seller report that may require further clarification from management, it is important to recognize and acknowledge that a lot of it might also be misleading – or in the words of Grizzly, “exaggerated”. This is also consistent with NIO’s stock performance during Tuesday and Wednesday’s session following release of the short-seller report. The stock has largely moved in consistency with the ongoing market rout, and broad-based selloff across the EV sector, with no extreme deviation due to the negative headline from Grizzly, which indicates that market participants, especially significant shareholders in NIO, are still digesting the latest external allegations.At the end of the day, NIO remains one of the most viable EV businesses in the emerging sector, with continued demand for its vehicles to support further growth over the long-run. Unlike some of the upstarts in the increasingly competitive EV landscape that have been accused of fraud, such as Nikola (NKLA), Lordstown Motors (RIDE), and Faraday Future (FFIE), NIO already operates a global business with a substantiated vehicle order book to support the bulk of its top- and bottom-line expansion, which continues to support its positive valuation prospects ahead.This article was written by Livy Investment Research","news_type":1},"isVote":1,"tweetType":1,"viewCount":286,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9042503323,"gmtCreate":1656490882962,"gmtModify":1676535839819,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like and no evidence to prove too&nbsp;","listText":"Please like and no evidence to prove too&nbsp;","text":"Please like and no evidence to prove too","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9042503323","repostId":"1163422349","repostType":2,"repost":{"id":"1163422349","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1656489641,"share":"https://ttm.financial/m/news/1163422349?lang=&edition=fundamental","pubTime":"2022-06-29 16:00","market":"sg","language":"en","title":"Nio Shares Slipped 6% in Premarket Trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1163422349","media":"Tiger Newspress","summary":"Nio shares slipped 6% in premarket trading.Short-seller Grizzly Research on Wednesday published a be","content":"<html><head></head><body><p>Nio shares slipped 6% in premarket trading.</p><p><img src=\"https://static.tigerbbs.com/08ad9cf137cde94182f3c6b415d3f4ae\" tg-width=\"833\" tg-height=\"820\" width=\"100%\" height=\"auto\"/>Short-seller Grizzly Research on Wednesday published a bearish report on Nio, alleging the EV maker was inflating its revenue and profitability. Nio told CnEVPost that the report was full of inaccuracies and misinterpretations.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nio Shares Slipped 6% in Premarket Trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNio Shares Slipped 6% in Premarket Trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-06-29 16:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Nio shares slipped 6% in premarket trading.</p><p><img src=\"https://static.tigerbbs.com/08ad9cf137cde94182f3c6b415d3f4ae\" tg-width=\"833\" tg-height=\"820\" width=\"100%\" height=\"auto\"/>Short-seller Grizzly Research on Wednesday published a bearish report on Nio, alleging the EV maker was inflating its revenue and profitability. Nio told CnEVPost that the report was full of inaccuracies and misinterpretations.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO.SI":"蔚来","09866":"蔚来-SW","NIO":"蔚来"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163422349","content_text":"Nio shares slipped 6% in premarket trading.Short-seller Grizzly Research on Wednesday published a bearish report on Nio, alleging the EV maker was inflating its revenue and profitability. Nio told CnEVPost that the report was full of inaccuracies and misinterpretations.","news_type":1},"isVote":1,"tweetType":1,"viewCount":398,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9061809416,"gmtCreate":1651592834856,"gmtModify":1676534932615,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like . Nio to the moon","listText":"Please like . Nio to the moon","text":"Please like . Nio to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9061809416","repostId":"2232108640","repostType":2,"isVote":1,"tweetType":1,"viewCount":235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9018595197,"gmtCreate":1649056240693,"gmtModify":1676534442880,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"please like","listText":"please like","text":"please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9018595197","repostId":"1119469547","repostType":2,"isVote":1,"tweetType":1,"viewCount":206,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9025635575,"gmtCreate":1653670886497,"gmtModify":1676535324577,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9025635575","repostId":"2238654869","repostType":4,"repost":{"id":"2238654869","pubTimestamp":1653665469,"share":"https://ttm.financial/m/news/2238654869?lang=&edition=fundamental","pubTime":"2022-05-27 23:31","market":"us","language":"en","title":"Why Citi Says It’s Finally Time to Start Buying Stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=2238654869","media":"Barrons","summary":"It’s been a long slog this year for the plummeting stock market. Citigroup’s model that forecasts th","content":"<html><head></head><body><p>It’s been a long slog this year for the plummeting stock market. Citigroup’s model that forecasts the chances that stocks will head into a bear market shows that the market looks like more of a buy right now.</p><p>The iShares MSCI ACWI exchange-traded fund (ACWI) has dropped about 14% this year, and for the same reasons the S&amp;P 500 and Dow Jones Industrial Average have fallen as well: High inflation, made worse by commodity restrictions resulting from the Russia-Ukraine conflict, has hurt consumer demand; cost inflation has dented companies’ profit margins; central banks are tightening monetary policy to reduce inflation, moves that will further slow economic growth.</p><p>These issues, which the market is still trying to come to terms with, have recently kept many on Wall Street from recommending stocks. Some market technicians, for instance, recently said the S&amp;P 500 could fall another 10% or more even from its relatively low level.</p><p>But the global equity strategists at Citi have a model, a “bear market checklist,” that currently says buying the market appears relatively safe right now. The model considers 18 subfactors within the broader categories of valuations, bond market indicters, investor sentiment, corporate decisions and financing, profitability, and balance sheets. When close to all 18 subfactors are flashing sell signals, it often means a bear market—defined as a 20% drop—is coming. Fortunately right now, only six of the 18 factors are flashing sell signals. “Our global Bear Market Checklist wants to buy this dip,” writes Robert Buckland, equity strategist at Citi.</p><p>For reference, the current number of sell signals is well below previous readings that preceded bear markets. In March of 2000, 17.5 of the factors indicated a sell, just before a bear market. In October of 2007, 13 signals showed sell just before a bear market.</p><p>Here’s a look at where the signals stand now. First, a few of the negative signals:</p><p>The first ominous sign is the yield curve. The 10-year Treasury yield is just 0.27 percentage points above the 2-year yield. That’s down from a 0.78 percentage point difference to start this year. The narrowing difference means that short-term yields have risen faster than longer-term yields. Currently, that reflects that higher inflation and interest rates today will damage economic demand.</p><p>The other noteworthy sell signal is analyst stock recommendations, which are too bullish for the moment. In fact, aggregate 2022 analyst earnings per share expectations for companies on the MSCI ACWI ETF have risen 2.6% year-to-date, according to FactSet. That’s partly because companies have largely beaten profit forecasts to start the year, and the exact impact of higher rates and inflation on future sales is hard for company analysts to quantify at this stage. So earnings estimates, in time, could come down.</p><p>But there are a host of other positive indicators, 12 of them to be exact. To be sure, the risks to the economy and earnings haven’t gone away, but they may be reflected in stock prices already. Meanwhile, data like improving flows of money into equity funds are signs that buyers are coming back into the market.</p><p>At the very least, it makes some sense to buy a few shares of companies here and there.</p></body></html>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Citi Says It’s Finally Time to Start Buying Stocks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Citi Says It’s Finally Time to Start Buying Stocks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-27 23:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/time-to-buy-stock-market-dip-51653596326?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It’s been a long slog this year for the plummeting stock market. Citigroup’s model that forecasts the chances that stocks will head into a bear market shows that the market looks like more of a buy ...</p>\n\n<a href=\"https://www.barrons.com/articles/time-to-buy-stock-market-dip-51653596326?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/time-to-buy-stock-market-dip-51653596326?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2238654869","content_text":"It’s been a long slog this year for the plummeting stock market. Citigroup’s model that forecasts the chances that stocks will head into a bear market shows that the market looks like more of a buy right now.The iShares MSCI ACWI exchange-traded fund (ACWI) has dropped about 14% this year, and for the same reasons the S&P 500 and Dow Jones Industrial Average have fallen as well: High inflation, made worse by commodity restrictions resulting from the Russia-Ukraine conflict, has hurt consumer demand; cost inflation has dented companies’ profit margins; central banks are tightening monetary policy to reduce inflation, moves that will further slow economic growth.These issues, which the market is still trying to come to terms with, have recently kept many on Wall Street from recommending stocks. Some market technicians, for instance, recently said the S&P 500 could fall another 10% or more even from its relatively low level.But the global equity strategists at Citi have a model, a “bear market checklist,” that currently says buying the market appears relatively safe right now. The model considers 18 subfactors within the broader categories of valuations, bond market indicters, investor sentiment, corporate decisions and financing, profitability, and balance sheets. When close to all 18 subfactors are flashing sell signals, it often means a bear market—defined as a 20% drop—is coming. Fortunately right now, only six of the 18 factors are flashing sell signals. “Our global Bear Market Checklist wants to buy this dip,” writes Robert Buckland, equity strategist at Citi.For reference, the current number of sell signals is well below previous readings that preceded bear markets. In March of 2000, 17.5 of the factors indicated a sell, just before a bear market. In October of 2007, 13 signals showed sell just before a bear market.Here’s a look at where the signals stand now. First, a few of the negative signals:The first ominous sign is the yield curve. The 10-year Treasury yield is just 0.27 percentage points above the 2-year yield. That’s down from a 0.78 percentage point difference to start this year. The narrowing difference means that short-term yields have risen faster than longer-term yields. Currently, that reflects that higher inflation and interest rates today will damage economic demand.The other noteworthy sell signal is analyst stock recommendations, which are too bullish for the moment. In fact, aggregate 2022 analyst earnings per share expectations for companies on the MSCI ACWI ETF have risen 2.6% year-to-date, according to FactSet. That’s partly because companies have largely beaten profit forecasts to start the year, and the exact impact of higher rates and inflation on future sales is hard for company analysts to quantify at this stage. So earnings estimates, in time, could come down.But there are a host of other positive indicators, 12 of them to be exact. To be sure, the risks to the economy and earnings haven’t gone away, but they may be reflected in stock prices already. Meanwhile, data like improving flows of money into equity funds are signs that buyers are coming back into the market.At the very least, it makes some sense to buy a few shares of companies here and there.","news_type":1},"isVote":1,"tweetType":1,"viewCount":294,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9011948562,"gmtCreate":1648809725872,"gmtModify":1676534402306,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9011948562","repostId":"1148563015","repostType":4,"isVote":1,"tweetType":1,"viewCount":403,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":153476554,"gmtCreate":1625046710778,"gmtModify":1703850824130,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Like and comment please&nbsp;","listText":"Like and comment please&nbsp;","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/153476554","repostId":"1169729983","repostType":4,"isVote":1,"tweetType":1,"viewCount":174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9080951112,"gmtCreate":1649836406555,"gmtModify":1676534586861,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like&nbsp;","listText":"Please like&nbsp;","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9080951112","repostId":"2227664437","repostType":4,"repost":{"id":"2227664437","pubTimestamp":1649817058,"share":"https://ttm.financial/m/news/2227664437?lang=&edition=fundamental","pubTime":"2022-04-13 10:30","market":"us","language":"en","title":"NIO: Don't Buy Into The Fear, NIO Is An EV Pioneer","url":"https://stock-news.laohu8.com/highlight/detail?id=2227664437","media":"seekingalpha","summary":"Thesis SummaryNIO Inc (NYSE:NIO) has seen its share price drop by near 15% in the last five days. Wh","content":"<html><head></head><body><h2>Thesis Summary</h2><p>NIO Inc (NYSE:NIO) has seen its share price drop by near 15% in the last five days. While general market weakness has certainly played a part in this, NIO has been facing challenges at home. Most notably, NIO has had to suspend production due to COVID induced lockdowns around China. This is cause for concern, but the current sell-off is overblown.</p><p>A lot has happened with NIO in the last couple of weeks, and if we look at these developments closely, we can see that the good outweighs the bad. NIO is transforming itself into much more than an EV maker.</p><h2>Supply Issues Are Overblown</h2><p>First off, let’s address the issue of supply. NIO has been forced to suspend production because many of its supply partners are in cities facing harsh lockdowns. These include Jilin, Shanghai and Jiangsu. Shanghai, where NIO is headquartered, has been in a phased lockdown since the end of March.</p><p>NIO is no stranger to production halts, as it also faced issues in October 2021, when production was stopped due to upgrades being carried out. These were necessary to begin production of the ET7.</p><p>Having to stop production is a problem for a car company, but investors should not be overly concerned.</p><p>For starters, NIO is not the only <a href=\"https://laohu8.com/S/AONE.U\">one</a> facing this problem. Other EV makers such as Tesla Inc (TSLA) and XPeng (XPEV) have also halted production. This is a sector-wide problem that doesn’t only affect NIO.</p><p>Secondly, investors should understand that, where possible, work is being carried out. Halting production doesn’t mean that the factory is closed down. In fact, NIO could use this as a chance to carry out further upgrades to its supply lines, since I believe there is still work to be done in that area.</p><p>Lastly, it is worth mentioning that NIO, which has often been criticized for not having its production facilities, is addressing this issue head-on. In my last article, I mentioned that NIO has almost completed the building of its F2 manufacturing facility in the NeoPark. With both factories fully operational, NIO will be able to produce close to 240,000 units per year</p><p>More importantly though, last week NIO increased its stake in its joint venture with JAC Motors to 50%. JAC is NIO’s main production partner, and the two established a JV on March 31st of 2021 called Jianglai. Rumor is that Jianglai will be responsible for producing NIO’s sub-brand, which targets the mass market.</p><h2>NIO: More than a car company</h2><p>While investors are panicking over the supply issues, NIO is delivering encouraging news and catalysts for future growth.</p><p>First off, NIO reported very strong monthly deliveries, with a 37.6% YoY increase. NIO deployed 884 Power Swap stations and 727 Power Charger stations, as well as 3,832 destination chargers in China. And this is where it gets interesting.</p><p>NIO has recently begun building out its power stations in Europe, and the company is in talks with other car companies to begin leasing out its infrastructure. This would be a huge move for NIO and could change the way the company is perceived by the market.</p><p>What separates NIO from other EV companies are two things. One is that it primarily promotes the utilization of Battery-as-a-Service. And two, that it has built out an immense infrastructure of battery swap stations in China, and is now doing this to Europe.</p><p>Building swap stations are big investments, with estimated costs of $772,00, in China, and charging other companies to use its battery swap stations would be a win-win. It would help NIO monetize its infrastructure, and save other EV manufacturers millions in investments.</p><p>In order for other EVs to use these stations, though, there would have to be some degree of standardization in the batteries, but this doesn&#39;t have to be an obstacle. NIO could also lend other companies a hand in designing their batteries, an area in which NIO has extensive expertise. NIO has a total of 2,768 patents in China, 204 in Europe and 193 more in the United States.</p><p>NIO is not only an EV manufacturer, it is a company with a very large infrastructure and extensive intellectual capital. This is perhaps the most significant reason I own NIO.</p><p>For now, it seems like Lotus Technology could be one of NIO’s first customers. It is worth mentioning though, that Lotus is partially owned by NIO</p><h2>Risks</h2><p>What I like about NIO is that it is laying the foundations for long-term success. However, the question remains whether BaaS will become standard practice amongst EV manufacturers. NIO certainly believes so and has placed its battery swap stations next to Tesla’s superchargers, to showcase the improved user experience.</p><p>NIO’s battery swap stations can change a battery in a matter of minutes. This also entails that you can always have a fully serviced battery, and the initial cost for the car is cheaper, with the battery cost being spread out month-to-month.</p><p>However, while the service is superior, in the long run, this is a more expensive endeavor. It involves changing the battery every time and building out a much more expensive network of stations.</p><p>Tesla’s superchargers are much cheaper to install, and they can charge 200 miles in 15 minutes. Is NIO’s battery swap worth it? The consumer will decide that. However, what is most concerning to me is that battery technology is still in its early stages. A lot may change in the next few years, including sizes, materials needed and charging times. Improvements in battery technology could render the advantages of BaaS over regular charging obsolete.</p><h2>Takeaway</h2><p>NIO’s shares have slid significantly in the last week, and this doesn&#39;t reflect the reality of what is happening. While supply issues are a challenge, NIO’s expansion in Europe and its growth prospects beyond the sale of EVs should be more than enough to keep investors interested. NIO is a leader in battery technology and is building out an incredibly valuable infrastructure. It’s just a matter of time before the market realizes this.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NIO: Don't Buy Into The Fear, NIO Is An EV Pioneer</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNIO: Don't Buy Into The Fear, NIO Is An EV Pioneer\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-13 10:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4501051-nio-dont-buy-into-the-fear-nio-is-an-ev-pioneer><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Thesis SummaryNIO Inc (NYSE:NIO) has seen its share price drop by near 15% in the last five days. While general market weakness has certainly played a part in this, NIO has been facing challenges at ...</p>\n\n<a href=\"https://seekingalpha.com/article/4501051-nio-dont-buy-into-the-fear-nio-is-an-ev-pioneer\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4532":"文艺复兴科技持仓","BK4099":"汽车制造商","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","BK4581":"高盛持仓","BK4509":"腾讯概念","NIO":"蔚来","BK4531":"中概回港概念","BK4548":"巴美列捷福持仓","BK4574":"无人驾驶","BK4534":"瑞士信贷持仓","BK4505":"高瓴资本持仓","BK4526":"热门中概股","BK4555":"新能源车","BK4504":"桥水持仓"},"source_url":"https://seekingalpha.com/article/4501051-nio-dont-buy-into-the-fear-nio-is-an-ev-pioneer","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2227664437","content_text":"Thesis SummaryNIO Inc (NYSE:NIO) has seen its share price drop by near 15% in the last five days. While general market weakness has certainly played a part in this, NIO has been facing challenges at home. Most notably, NIO has had to suspend production due to COVID induced lockdowns around China. This is cause for concern, but the current sell-off is overblown.A lot has happened with NIO in the last couple of weeks, and if we look at these developments closely, we can see that the good outweighs the bad. NIO is transforming itself into much more than an EV maker.Supply Issues Are OverblownFirst off, let’s address the issue of supply. NIO has been forced to suspend production because many of its supply partners are in cities facing harsh lockdowns. These include Jilin, Shanghai and Jiangsu. Shanghai, where NIO is headquartered, has been in a phased lockdown since the end of March.NIO is no stranger to production halts, as it also faced issues in October 2021, when production was stopped due to upgrades being carried out. These were necessary to begin production of the ET7.Having to stop production is a problem for a car company, but investors should not be overly concerned.For starters, NIO is not the only one facing this problem. Other EV makers such as Tesla Inc (TSLA) and XPeng (XPEV) have also halted production. This is a sector-wide problem that doesn’t only affect NIO.Secondly, investors should understand that, where possible, work is being carried out. Halting production doesn’t mean that the factory is closed down. In fact, NIO could use this as a chance to carry out further upgrades to its supply lines, since I believe there is still work to be done in that area.Lastly, it is worth mentioning that NIO, which has often been criticized for not having its production facilities, is addressing this issue head-on. In my last article, I mentioned that NIO has almost completed the building of its F2 manufacturing facility in the NeoPark. With both factories fully operational, NIO will be able to produce close to 240,000 units per yearMore importantly though, last week NIO increased its stake in its joint venture with JAC Motors to 50%. JAC is NIO’s main production partner, and the two established a JV on March 31st of 2021 called Jianglai. Rumor is that Jianglai will be responsible for producing NIO’s sub-brand, which targets the mass market.NIO: More than a car companyWhile investors are panicking over the supply issues, NIO is delivering encouraging news and catalysts for future growth.First off, NIO reported very strong monthly deliveries, with a 37.6% YoY increase. NIO deployed 884 Power Swap stations and 727 Power Charger stations, as well as 3,832 destination chargers in China. And this is where it gets interesting.NIO has recently begun building out its power stations in Europe, and the company is in talks with other car companies to begin leasing out its infrastructure. This would be a huge move for NIO and could change the way the company is perceived by the market.What separates NIO from other EV companies are two things. One is that it primarily promotes the utilization of Battery-as-a-Service. And two, that it has built out an immense infrastructure of battery swap stations in China, and is now doing this to Europe.Building swap stations are big investments, with estimated costs of $772,00, in China, and charging other companies to use its battery swap stations would be a win-win. It would help NIO monetize its infrastructure, and save other EV manufacturers millions in investments.In order for other EVs to use these stations, though, there would have to be some degree of standardization in the batteries, but this doesn't have to be an obstacle. NIO could also lend other companies a hand in designing their batteries, an area in which NIO has extensive expertise. NIO has a total of 2,768 patents in China, 204 in Europe and 193 more in the United States.NIO is not only an EV manufacturer, it is a company with a very large infrastructure and extensive intellectual capital. This is perhaps the most significant reason I own NIO.For now, it seems like Lotus Technology could be one of NIO’s first customers. It is worth mentioning though, that Lotus is partially owned by NIORisksWhat I like about NIO is that it is laying the foundations for long-term success. However, the question remains whether BaaS will become standard practice amongst EV manufacturers. NIO certainly believes so and has placed its battery swap stations next to Tesla’s superchargers, to showcase the improved user experience.NIO’s battery swap stations can change a battery in a matter of minutes. This also entails that you can always have a fully serviced battery, and the initial cost for the car is cheaper, with the battery cost being spread out month-to-month.However, while the service is superior, in the long run, this is a more expensive endeavor. It involves changing the battery every time and building out a much more expensive network of stations.Tesla’s superchargers are much cheaper to install, and they can charge 200 miles in 15 minutes. Is NIO’s battery swap worth it? The consumer will decide that. However, what is most concerning to me is that battery technology is still in its early stages. A lot may change in the next few years, including sizes, materials needed and charging times. Improvements in battery technology could render the advantages of BaaS over regular charging obsolete.TakeawayNIO’s shares have slid significantly in the last week, and this doesn't reflect the reality of what is happening. While supply issues are a challenge, NIO’s expansion in Europe and its growth prospects beyond the sale of EVs should be more than enough to keep investors interested. NIO is a leader in battery technology and is building out an incredibly valuable infrastructure. It’s just a matter of time before the market realizes this.","news_type":1},"isVote":1,"tweetType":1,"viewCount":167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809728098,"gmtCreate":1627393827914,"gmtModify":1703489063590,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Buy the dip","listText":"Buy the dip","text":"Buy the dip","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/809728098","repostId":"1142426532","repostType":4,"isVote":1,"tweetType":1,"viewCount":186,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141002972,"gmtCreate":1625821784596,"gmtModify":1703749249088,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/141002972","repostId":"1149376196","repostType":4,"isVote":1,"tweetType":1,"viewCount":296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9074507937,"gmtCreate":1658369019130,"gmtModify":1676536148823,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9074507937","repostId":"1125300989","repostType":2,"isVote":1,"tweetType":1,"viewCount":272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9051604701,"gmtCreate":1654676329803,"gmtModify":1676535490482,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like&nbsp;","listText":"Please like&nbsp;","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9051604701","repostId":"2241070904","repostType":4,"isVote":1,"tweetType":1,"viewCount":518,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9027585442,"gmtCreate":1654051132286,"gmtModify":1676535385956,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9027585442","repostId":"2240543892","repostType":4,"isVote":1,"tweetType":1,"viewCount":298,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9015992413,"gmtCreate":1649404839498,"gmtModify":1676534506854,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like&nbsp;","listText":"Please like&nbsp;","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9015992413","repostId":"1110987574","repostType":4,"isVote":1,"tweetType":1,"viewCount":100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":189964540,"gmtCreate":1623240942280,"gmtModify":1704199059961,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"To the moon&nbsp;","listText":"To the moon&nbsp;","text":"To the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/189964540","repostId":"2142521381","repostType":4,"repost":{"id":"2142521381","pubTimestamp":1623238920,"share":"https://ttm.financial/m/news/2142521381?lang=&edition=fundamental","pubTime":"2021-06-09 19:42","market":"us","language":"en","title":"Better Meme Stock: AMC Entertainment or Tilray?","url":"https://stock-news.laohu8.com/highlight/detail?id=2142521381","media":"Motley Fool","summary":"Here's how they compare in several key areas.","content":"<p>2021 might <a href=\"https://laohu8.com/S/AONE\">one</a> day be known in investing history as the year of the meme stocks. Several stocks have gone viral online in recent months. Their popularity on the internet has translated into big gains.</p>\n<p><b>AMC Entertainment</b> (NYSE:AMC) and <b>Tilray</b> (NASDAQ:TLRY) stand out as two very different meme stocks that have attracted a lot of attention this year. AMC was a short squeeze play several months ago that has roared back after a temporary lull. Its shares have skyrocketed more than 2,500% year to date. Tilray enjoyed a big run-up early in the year as investors anticipated the merger between the company and Aphria. The pot stock is still up close to 190% after giving up some of its previous gains.</p>\n<p>Which of these two meme stocks is the better pick for investors? Here's how AMC and Tilray stack up against each other.</p>\n<p><img src=\"https://static.tigerbbs.com/1d2187ad60c2a5c7e35426f365e16cc2\" tg-width=\"700\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p>\n<p>Image source: Getty Images.</p>\n<h3>Financial position</h3>\n<p>AMC generated revenue of $148.3 million in the first quarter of 2021, down 84% year over year. That's not surprising, considering that the COVID-19 pandemic wreaked havoc for the movie theater operator. It's also no surprise that AMC posted a big net loss of more than $567 million in Q1. Even before the pandemic, AMC didn't consistently deliver profits.</p>\n<p>However, AMC has maintained a strong cash position thanks to several equity and debt capital raises. As of March 31, the company's cash stockpile totaled a little over $813 million, excluding restricted cash of $29 million. Since then, AMC has bolstered its cash position with additional equity offerings.</p>\n<p>Tilray's exact financial position is a little trickier to ascertain because of the Aphria merger. Both Aphria and Tilray reported year-over-year revenue growth in their most recent quarterly updates. Both companies also delivered positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).</p>\n<p>Aphria's cash and cash equivalents totaled 267.1 million in Canadian dollars as of Feb. 28, 2021. Tilray had a cash position of $261.3 million as of Feb. 16, 2021. The combined entity should still have a solid cash stockpile since the merger was an all-stock transaction.</p>\n<h3>Valuation</h3>\n<p>We can't use earnings-based valuation metrics with AMC since it isn't profitable at this point. However, the stock currently trades at more than 20 times trailing-12-month sales.&nbsp;Meanwhile, Tilray trades at a little over nine times trailing 12-month sales.</p>\n<p>Using another metric, though, gives the advantage to AMC. Shares of the theater chain trade at only 0.18 times book value. Tilray's price-to-book ratio is 6.7.</p>\n<p>Both of these valuation metrics have drawbacks, though. Historical sales used for trailing P/S multiples can be misleading. That's especially the case with the COVID-19 pandemic impacting both AMC and Tilray. Price-to-book ratios are also problematic because of the large amounts of goodwill that both companies carry on their balance sheets.</p>\n<h3>Growth prospects</h3>\n<p>Arguably the most important factor in choosing between these two stocks is their growth prospects. However, this is also the area that's most challenging to assess.</p>\n<p>There's no question that AMC should rebound in 2021 and beyond. The stock could even have a huge catalyst on the way if studios throw in the towel on their efforts to debut movies on streaming services in favor of only showing new movies in theaters.</p>\n<p>Tilray could still face significant challenges in the Canadian cannabis market this year with pricing pressure. On the other hand, the lifting of pandemic restrictions could pave the way for stronger sales growth of the company's cannabis products in Canada and in Europe as well as its hemp products in the U.S.</p>\n<p>What do analysts think about the growth prospects for each of these companies? The advantage is clearly in Tilray's court. Analysts project average annual earnings growth of close to 50% for Tilray, while they look for a deteriorating bottom line for AMC after next year.</p>\n<h3>Better meme stock?</h3>\n<p>My view is that AMC could continue to be the bigger winner in 2021. Over the long run, though, I think that the opportunities for Tilray will likely be better.</p>\n<p>In particular, I expect the U.S. cannabis market will open to Canadian companies in the not-too-distant future. This will present a tremendous opportunity for Tilray.</p>\n<p>The company already operates Manitoba Harvest, the largest hemp foods maker with significant U.S. sales. It also runs Sweetwater Brewing, a beer maker focused on cannabis lifestyle brands. Tilray anticipates that these businesses will give it a solid platform for the U.S. cannabis market.</p>\n<p>Although I give Tilray the nod over the long term, I think there are other stocks that offer better risk-reward propositions than either Tilray or AMC. These stocks might not be internet memes, but they have strong financial positions, attractive valuations, and great long-term growth prospects.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Better Meme Stock: AMC Entertainment or Tilray?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBetter Meme Stock: AMC Entertainment or Tilray?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-09 19:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/06/09/better-meme-stock-amc-entertainment-or-tilray/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2021 might one day be known in investing history as the year of the meme stocks. Several stocks have gone viral online in recent months. Their popularity on the internet has translated into big gains....</p>\n\n<a href=\"https://www.fool.com/investing/2021/06/09/better-meme-stock-amc-entertainment-or-tilray/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线","TLRY":"Tilray Inc."},"source_url":"https://www.fool.com/investing/2021/06/09/better-meme-stock-amc-entertainment-or-tilray/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142521381","content_text":"2021 might one day be known in investing history as the year of the meme stocks. Several stocks have gone viral online in recent months. Their popularity on the internet has translated into big gains.\nAMC Entertainment (NYSE:AMC) and Tilray (NASDAQ:TLRY) stand out as two very different meme stocks that have attracted a lot of attention this year. AMC was a short squeeze play several months ago that has roared back after a temporary lull. Its shares have skyrocketed more than 2,500% year to date. Tilray enjoyed a big run-up early in the year as investors anticipated the merger between the company and Aphria. The pot stock is still up close to 190% after giving up some of its previous gains.\nWhich of these two meme stocks is the better pick for investors? Here's how AMC and Tilray stack up against each other.\n\nImage source: Getty Images.\nFinancial position\nAMC generated revenue of $148.3 million in the first quarter of 2021, down 84% year over year. That's not surprising, considering that the COVID-19 pandemic wreaked havoc for the movie theater operator. It's also no surprise that AMC posted a big net loss of more than $567 million in Q1. Even before the pandemic, AMC didn't consistently deliver profits.\nHowever, AMC has maintained a strong cash position thanks to several equity and debt capital raises. As of March 31, the company's cash stockpile totaled a little over $813 million, excluding restricted cash of $29 million. Since then, AMC has bolstered its cash position with additional equity offerings.\nTilray's exact financial position is a little trickier to ascertain because of the Aphria merger. Both Aphria and Tilray reported year-over-year revenue growth in their most recent quarterly updates. Both companies also delivered positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).\nAphria's cash and cash equivalents totaled 267.1 million in Canadian dollars as of Feb. 28, 2021. Tilray had a cash position of $261.3 million as of Feb. 16, 2021. The combined entity should still have a solid cash stockpile since the merger was an all-stock transaction.\nValuation\nWe can't use earnings-based valuation metrics with AMC since it isn't profitable at this point. However, the stock currently trades at more than 20 times trailing-12-month sales. Meanwhile, Tilray trades at a little over nine times trailing 12-month sales.\nUsing another metric, though, gives the advantage to AMC. Shares of the theater chain trade at only 0.18 times book value. Tilray's price-to-book ratio is 6.7.\nBoth of these valuation metrics have drawbacks, though. Historical sales used for trailing P/S multiples can be misleading. That's especially the case with the COVID-19 pandemic impacting both AMC and Tilray. Price-to-book ratios are also problematic because of the large amounts of goodwill that both companies carry on their balance sheets.\nGrowth prospects\nArguably the most important factor in choosing between these two stocks is their growth prospects. However, this is also the area that's most challenging to assess.\nThere's no question that AMC should rebound in 2021 and beyond. The stock could even have a huge catalyst on the way if studios throw in the towel on their efforts to debut movies on streaming services in favor of only showing new movies in theaters.\nTilray could still face significant challenges in the Canadian cannabis market this year with pricing pressure. On the other hand, the lifting of pandemic restrictions could pave the way for stronger sales growth of the company's cannabis products in Canada and in Europe as well as its hemp products in the U.S.\nWhat do analysts think about the growth prospects for each of these companies? The advantage is clearly in Tilray's court. Analysts project average annual earnings growth of close to 50% for Tilray, while they look for a deteriorating bottom line for AMC after next year.\nBetter meme stock?\nMy view is that AMC could continue to be the bigger winner in 2021. Over the long run, though, I think that the opportunities for Tilray will likely be better.\nIn particular, I expect the U.S. cannabis market will open to Canadian companies in the not-too-distant future. This will present a tremendous opportunity for Tilray.\nThe company already operates Manitoba Harvest, the largest hemp foods maker with significant U.S. sales. It also runs Sweetwater Brewing, a beer maker focused on cannabis lifestyle brands. Tilray anticipates that these businesses will give it a solid platform for the U.S. cannabis market.\nAlthough I give Tilray the nod over the long term, I think there are other stocks that offer better risk-reward propositions than either Tilray or AMC. These stocks might not be internet memes, but they have strong financial positions, attractive valuations, and great long-term growth prospects.","news_type":1},"isVote":1,"tweetType":1,"viewCount":79,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9935557501,"gmtCreate":1663116478503,"gmtModify":1676537206445,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NIO\">$NIO Inc.(NIO)$</a>39","listText":"<a href=\"https://ttm.financial/S/NIO\">$NIO Inc.(NIO)$</a>39","text":"$NIO Inc.(NIO)$39","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9935557501","isVote":1,"tweetType":1,"viewCount":336,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9048707255,"gmtCreate":1656254687477,"gmtModify":1676535793060,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9048707255","repostId":"1159338271","repostType":2,"isVote":1,"tweetType":1,"viewCount":421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9041339308,"gmtCreate":1656005072304,"gmtModify":1676535748907,"author":{"id":"3575874149939768","authorId":"3575874149939768","name":"WestKai","avatar":"https://static.tigerbbs.com/94b354bc058573b356e2ded7eb1878ad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575874149939768","authorIdStr":"3575874149939768"},"themes":[],"htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9041339308","repostId":"1127981944","repostType":2,"isVote":1,"tweetType":1,"viewCount":252,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}