Chinese EV Firms Are Suffering Losses [Forbes]
NIO Inc. American depositary shares, each representing one Class A ordinary share (NIO)
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Source: Forbes
Beijing had made a big bet on electric vehicles (EV). But like so many other efforts of China's centrally planned economy, things have not gone well. Intense price competition among China's many EV producers as well as waning demand—both in China and abroad—have put manufacturers into financial trouble, with some reporting losses despite still considerable public support. Beijing has begun to step away from the effort, leaving local governments to pick up the subsidy slack. It is not a sustainable situation. This now failing effort began more than five years ago. According to the MIT Technology Review , the raft of subsidies, tax breaks, procurement contracts, and other more oblique incentives to ramp up production and make China dominant has cost Beijing the equivalent of some $230 billion. The push eventually created a market for 13.1 million vehicles that accounted for 60% of EV ownership globally. Beijing also pushed for global sales of Chinese-made EVs. That effort made little
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- Nio Inc - (NYSE: NIO) was downgraded by analysts at The Goldman Sachs Group, Inc. from a "neutral" rating to a "sell" rating. They now have a $3.90 price target on the stock, down previously from $4.80.MarketBeat
NIO
Earnings
- 11/20/24 - Beat
NIO
Sec Filings
- 12/2/24 - Form 6-K
- 11/20/24 - Form 6-K
- 11/7/24 - Form 6-K
- NIO's page on the SEC website