On February 24, Goldman Sachs issued a report highlighting that NIO (09866.HK) delivered 73,000 new energy vehicles (NEVs) in the fourth quarter of 2022, marking a 45% increase year-on-year and an 18% rise quarter-on-quarter. Nonetheless, NIO's share of the mainland NEV market dipped slightly, from 2% in the third quarter to 1.9% in the fourth. Goldman Sachs anticipates NIO's annual revenue to surge by 17%, reaching RMB 20 billion. Although the gross margin of NIO's automotive business may decline in the fourth quarter due to the increased sales of the NIO L60, the battery swapping business's gross margin is expected to improve, benefiting from economies of scale and strategic partnerships. Goldman Sachs projects NIO to incur an EBIT loss of RMB 6 billion and a non-GAAP net loss of RMB 4.9 billion in the fourth quarter. Reflecting the latest sales and pricing dynamics, Goldman Sachs has revised its non-GAAP net profit forecasts downward by 2% for this year and 1% for next, extending the valuation basis by one year. Concurrently, Goldman Sachs has upped its target price for NIO's Hong Kong-listed shares from HK$27 to HK$30, while maintaining a 'Sell' rating.