Nio stock fell Friday but remains on track for its best week since January as management reaffirmed a key financial goal.
"We are very confident about achieving our sales target in 2023," Nio CFO Steven Feng told Bloomberg TV Wednesday.
The Chinese EV startup aims to double sales this year. It doubled its product lineup to six electric vehicle models in 2022, and is set to have eight by the latter half of 2023.
Feng sees those new EV models fueling sales. In addition, Feng expects to hit the sales goal by expanding Nio's charging and battery swap network, as well as its self-driving technology.
Nio CEO William Li had also said, on a March 1 earnings call, that the company is "very confident" about doubling sales.
Analysts polled by FactSet expect Nio sales to vault nearly 68% to $12 billion in 2023.
On Wednesday, CFO Feng also addressed the China EV price war, saying he expects industry consolidation with "too many automakers" in the country. "But we have no plans to buy anyone," he added, according to a report of the Bloomberg interview on CnEVPost.com.
Nio Stock, China EV Stocks
U.S.-listed shares of Nio lost 1.8% to 9.10 on the stock market today. Nio stock still holds a 10% weekly gain, which would be its best showing since late January. The premium EV maker is trying to regain its 50-day moving average.
China EV stocks at large are testing resistance at the 50-day line. Startup peers XPeng is almost even that key benchmark, while Li Auto is just below it.
BYD, which trades over the counter, is in rally mode but remains below the 50-day line. Tesla stock sits above a rising 50-day line. Tesla is on track for a 5.2% weekly gain on the back of rising insurance registrations in China.
China EV Price War
While Nio is confident about doubling sales this year, industry-wide headwinds remain.
Reuters reported Tuesday that Chinese EV giant BYD is lowering production as demand weakens in the world's biggest market for electric vehicles.
BYD has also discounted several electric models, in response to Tesla Model 3 and Model Y price cuts. Several other EV makers, as well as traditional automakers, have slashed prices in 2023.
Tesla triggered the EV wars in China with price cuts late last year and in January.
On Wednesday, the China Association of Automobile Manufacturers (CAAM) urged, in a post on its WeChat account, "rational" auto promotions to help the market "return to normal" after the EV price war.
