What's Going On With Nio Stock Today?

NIO Inc NIO shares are trading higher Monday after the company said it would lower prices on its vehicles. Several analysts also adjusted price targets on the stock.

What Happened: According to a Reuters report, Nio announced plans to cut prices on all of its vehicle models by $4,200. The company also plans to end free battery swapping for new buyers. 

The lower prices represent a pricing discount of 6% to 9% and is set to go into effect Monday. Buyers who place deposits will no longer receive free battery swap services starting this week.

"The adjustments had been discussed internally for quite a while and we took advice and suggestions from some users," said William Li, CEO of Nio.

The news comes after Nio reported first-quarter results at the end of last week that were down on a year-over-year basis. The company reported quarterly revenue of $1.55 billion and an adjusted EPADS loss of 36 cents per share, down from a loss of 13 cents per share year-over-year. 

Nio said last week that it expects deliveries to be down 0.2% to 8.2% in the second quarter.

Analyst Changes:

• BofA Securities analyst Ming Hsun Lee maintained Nio with a Buy and lowered the price target from $12 to $11.
• JP Morgan analyst Nick Lai maintained Nio with a Neutral and lowered the price target from $10 to $8.50.
• Citigroup analyst Jeff Chung maintained Nio with a Buy and lowered the price target from $13.40 to $11.50.

Check This Out: These Analysts Slash Their Forecasts On NIO After Q1 Results

NIO Price Action: Nio shares were up 4.27% at $8.06 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Nio.