![]() These outfits ostensibly still see value in electric racing, despite the cost, uncertainty of the sport’s future (the New York race hasn’t been renewed yet for next year), and also being in the shadow of its big brother, the Formula 1 World Championship ( FWONK). Mercedes is focusing its business on the electrification of its road cars, and Audi and BMW are placing their motorsports bets elsewhere.ĭespite those losses, Porsche ( PAH3.DE), Nissan ( 7201.T), DS Automobiles ( STLA), Jaguar ( TTM), and Nio ( NIO) still remain, along with a few smaller “privateer” teams. Though the series counts among its teams a number of big manufacturers, powerhouses like Mercedes-Benz, Audi ( VWAGY), BMW ( BMWYY), have left the sport. During an exciting hour of racing, DS Techeetah driver Antonio Felix da Costa held off Mercedes’s ( MBG.DE) Stoffel Vandoorne for most of the race, with a hard-charging Mitch Evans of Jaguar TCS Racing finishing third as he worked his way up the field of closely matched competitors.ĭespite an exciting race here in New York City - the fifth time the series has come to the East Coast - the sport at large finds itself at a crossroads. Yet Nio's stock may continue to struggle from outside pressures, including short sellers and its own government.New York City may have seen the best installment yet of the Formula E electric racing series, on the streets of Red Hook, Brooklyn, this past Sunday. Benzinga's Take: The Bank of America report suggests Nio's underlying business is booming as it ramps up production, rolls out new vehicles and pushes toward profitability. Bank of America has a Buy rating and $31 price target for Nio. Nio also said it expects to transition to profitability in 2025. "NIO is targeting EBITDA to break even in 4Q23, with a quarterly delivery of over 100k units, similar to what its rival Tesla achieved previously," Lee said. ![]() Management said Nio has increased its daily production capacity from 400 units to 600 units, and orders for both the ES7 and ET7 have been strong. In a new note, Lee said Nio is on track for a number of product launches and updates between now and the end of 2024. Matrixyesterday $NIO conversation $NIO conversation "Finally, Bank of America analyst Ming Hsun Lee hosted a conference call with Nio management on Monday to discuss details of the company's strategic outlook. Yet Nio's stock may continue to struggle from outside pressures, including short sellers and its own government." Altro $NIO conversation "Finally, Bank of America analyst Ming Hsun Lee hosted a conference call with Nio management on Monday to discuss details of the company's strategic outlook.
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