Nio's Outlook For 2024 'Remains Challenging': Analyst Flags Shrinking Market Share
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Shares of Nio Inc (NYSE: NIO) declined as electric vehicle deliveries continue to decline in China. The company's market share has contracted, and the outlook for 2024 remains challenging. Nio's fourth-quarter results showed margin contraction and widening losses. Bernstein analyst Eunice Lee maintained a Market-Perform rating on Nio with a reduced price target. The 2024 model cycle is expected to be challenging, with minimal new releases. Nio will introduce facelifts for its lineup, but past facelifts have had limited impact on sales volume. Nio's stock price was down 3.5% at $5.56.
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