(AOF) – Nio is expected to fall in pre-market on Wall Street after having revised its delivery forecasts downwards. Based on its latest business update, the Chinese premium electric vehicle maker plans to deliver some 30,000 vehicles in the first quarter of 2024, up from 31,000 to 33,000 vehicles in the previous forecast. Nio published at the beginning of March a net loss of $2.9 billion for the year 2023, worsened by 43.5% year-on-year.
The manufacturer delivered more than 50,000 units in the fourth quarter, beating its target of 49,000 units. Deliveries for 2023 stand at 16,038, up 30%. At 7.5%, the fourth quarter gross margin missed the consensus of 10.2%.
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A French market in good shape
The French automobile market recorded its tenth consecutive month of growth in October 2023 with 152,383 registrations of new passenger vehicles (+22% year-on-year). It increased by 16.49% over the first 10 months of 2023, with 1.44 million registrations, almost as many as in 2022 (1.52 million) but much less than the level of 2019 (2.2 million ). However, the forecast indicators are not good because new orders fell by 13% at the end of September 2023. The slowdown in orders could be explained by inflation, the rise in interest rates, and more prudent management of their cash flow by companies (half of the market). If Stellantis (Peugeot, Citroën, Fiat, Opel, Jeep) remains the leader of the French market, with a market share greater than 28%, the Renault group (Renault, Dacia, Alpine) benefited from good performances in October 2023, with almost 31% additional new registrations over one year. The French group represents 24.6% of the private car market.