VWAPY - NIO: Maintaining At Neutral Fair Q4 And Some To Like In 2022

• NIO's November deliveries reached a record of 10,878 units, pushing just above September's high as the manufacturer regained momentum.
• Q4 is expected to see ~23,500 to 25,500 units delivered, representing flat q/q growth in a relatively lackluster end to FY21.
• FY22 is expected to see multiple catalysts arise, such as three new models, five new countries entered, and more production capacity.
• However, these moves open the door for more competitive pressure and execution risk, but revenue and delivery growth could see some upside.

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