Nio’s new SUV lacks standout features, says Citi

Citi analyst Jeff Chung says Nio debuted its new electric vehicle brand, Ledao, and unveiled L60, an intelligent mid-size battery electric SUV with a pre-sale price of Rmb 219,900. While L60 can leverage Nio’s battery swapping system and brand recognition, it lacks standout features in spaciousness and intelligent configurations within the Rmb 200,000-300,000 segment, the analyst tells investors in a research note. The firm believes L60 bears similarities to the Xpeng G6 (XPEV), BYD Song L and Haishi 07 EV, and overlaps in positioning with Li L6 (LI). L60 shows less competitive than Li L6 due to its smaller size, less comfortable spaciousness, and potential range anxiety, contends Citi. As such, the firm anticipates modest monthly sales of 4,000-5,000 units. It has a Buy rating on Nio with a $10.40 price target.