Goldman Sachs analyst Fei Fang downgraded NIO Inc. to Neutral from Buy with a price target of $1.47, down from $9.76. Nio's share price has fallen 40% since September 24, when the company announced Q2 results, which Fang attributes to uncertainties about volume since Chinese EV sales have rapidly declined after the government reduced electric vehicle subsidies and about the company's capital structure and funding needs. Fang maintains a 2023 estimate of the total addressable market for EVs in China of 1M new car sales, but lowered Nio's 2023 market share forecast to 15% from 25% due to more intense EV competition.