Macquarie downgrades Nio to Neutral on slower 2026 demand

As previously reported, Macquarie analyst Eugene Hsiao downgraded Nio (NIO) to Neutral from Outperform with a price target of $5.30, down from $6.70, following the Q3 report. The company issued “weak” Q4 volume guidance of 122,500 units at the midpoint, below its prior. outlook of 150,000, partly due to the phase out of government subsidies hurting Onvo demand, the analyst tells investors in a research note. The firm cut its estimates for Nio on slower market demand in fiscal 2026, saying no new model launches until Q2 means likely weak demand in Q1.