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  "documentTitle": "NIO Inc. (NIO)",
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  "authorName": "Citron Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-13 00:00:00",
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  "notes": "The slide uses quotes from Deutsche Bank, Tianfeng Securities, and Bloomberg to build a bearish case against NIO based on Tesla's pricing power.",
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      "text": "To put things into perspective, let’s look at valuation multiples.",
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      "text": "Consider this, last week DB was guessing at what levels Model Y Tesla pricing would hurt NIO.",
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      "text": "To put things into perspective, let's look at valuation multiples.",
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      "text": "Well now local Chinese analysts are predicting that Tesla's Model Y will be priced substantially below the key price point that would be a threat to NIO according to DB.",
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      "text": "This would validate the obvious statement made by Bloomberg: \"Another wave of price cuts for premium electric vehicles in China may be on the horizon, stirring up what could be an intense rivalry.\"",
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      "text": "We continue to see some risk that Tesla could materially cut the price of its locally made (MIC) Model Y from 488k RMB ($73k) to something in the mid- to high-300k range ($56-58k).",
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      "text": "Recent estimates from securities firm Tianfeng Securities are pointing at something quite remarkable for Tesla's ongoing ramp in China... starting at a very reasonable price of CN¥275,000 (about $41,000).",
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      "text": "We continue to see some risk that Tesla could materially cut the price of its locally made (MIC) Model Y from 488k RMB ($73k) to something in the mid- to high-300k range ($56-58k). This could potentially hurt near-term sentiment and slow NIO’s order book momentum considering it would be a direct competitor to NIO’s EC6 and ES6. — Deutsche Bank. Recent estimates from securities firm Tianfeng Securities are pointing at something quite remarkable for Tesla’s ongoing ramp in China. As noted by the firm in a recently-released research report, Tesla’s strategy of passing its cost savings to customers could result in the Made-in-China Model Y starting at a very reasonable price of CN¥275,000 (about $41,000). — Tianfeng Securities. Another wave of price cuts for premium electric vehicles in China may be on the horizon, stirring up what could be an intense rivalry — Bloomberg Intelligence.",
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