Goldman Sachs released a research report stating that NIO-SW (09866, NIO.US) announced a $1 billion share issuance plan, including the issuance of American Depositary Shares and Class A ordinary shares. The Class A ordinary shares are priced at $43.36 per share, while the American Depositary Shares are priced at $5.57 per share.

Over the past two quarters, NIO Inc.'s new vehicle models, including the ONVO L90 and NIO ES8, have shown improved competitiveness. The firm expects third and fourth quarter deliveries to increase to 89,000 and 131,000 units respectively, compared to 42,000 and 72,000 units in the first and second quarters.

The firm also noted that the proceeds from the $1 billion share issuance will be used for automotive technology research and development, expansion of battery swapping and charging network investments, and strengthening the balance sheet. The large-scale equity financing is expected to further support NIO Inc.'s execution of its product strategy. Goldman Sachs estimates that NIO Inc.'s R&D expenses will reach 11 billion yuan in 2025 and 2026, and this placement can reduce the debt ratio from 98% to 92%.