JPMorgan downgrades electric vehicle stock Nio, says expectations are too high

It’s time to step to the sidelines on Chinese electric vehicle maker Nio after its latest quarter, according to JPMorgan. Analyst Nick Lai downgraded Nio to neutral from overweight, saying it will be increasingly challenging for the electric vehicle maker to deliver on high expectations. He said that the firm’s fourth-quarter results were a miss because of vehicle margin contraction. “Whilst management at the result call attributed most of the miss to a one-off item related to clearance of old models (ie ES6, ES8 and EC6 before new models on new platform arrive in 1H23), our concern is that 1Q23…