花旗称，预计蔚来第一季度汽车利润率环比下滑至11%-12%，因汽车销售淡季等因素。将公司美股和港股目标价分别调降至8.1美元和62.5港元，维持买入评级。
分析师Jeff Chung等在报告中指出，一季度汽车利润率可能下滑的原因还包括在二季度升级车型发布前蔚来品牌销售不温不火， 乐道品牌(Onvo)销量不及预期。
为反映Onvo不及预期的销量，将公司2025和2026年的销量预测下调至39.3万辆和45.6万辆。
由于4月和5月密集的车型发布、规模效应带来的利润率改善以及持续的成本控制，预计公司盈利将从二季度中期开始改善。
下调前美股、港股目标价分别在8.9美元、68.1港元。
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