Hyperdrive
China's Tesla Wannabe NIO Gets Mixed Early Reviews From Analysts
A screen is displayed inside a NIO Inc. ES8 sport utility vehicle at the Nio House showroom in Shanghai.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
NIO Inc. fell as much as 5 percent after getting a mixed early reception on Wall Street as analysts initiated coverage on the Chinese electric-car maker with buy and hold ratings. The analysts agreed that NIO should benefit from growing demand for premium battery electric vehicles in China, but some say the stock already looks fairly valued. The American depository receipts are trading below their initial public offering price. Monday’s initiations follow the expiration of NIO’s quiet period; the stock had already received an underperform rating from Bernstein after one day of trading.
Here’s what Wall Street is saying: