Goldman Sachs downgraded Nio to Sell from Neutral with a price target of $3.90, down from $4.80. The analyst expects limited new model pipeline for the Nio brand and slow production ramp-up for Onvo to position the company unfavorably into 2025, with potentially intensified competition starting in the first quarter of next year. In addition, as the company continues to expand the sales network of the Onvo brand, growing expenses will drag down operating losses, hindering Nio’s path to profitability in the next three years, the analyst tells investors in a research note. Goldman sees 24% downside risk to the consensus 2025 non-GAAP net loss estimate.