NIO Stock Forecast: Nio Inc looks for rebound as it establishes its US headquarters
|- NYSE: NIO has fallen by 7.53% so far in 2022.
- Nio establishes its US headquarters in San Jose, California.
- Customers in Norway have received their first firmware update for the ES8 SUV.
NYSE: NIO had a down year to say the least in 2021, but a long list of positive catalysts are providing some nice tailwinds as we head into 2022. Shares of NIO are still down by about 7.5% so far in 2022, as Nio has fallen alongside other EV stocks in the ongoing sell off in growth names. Two of its closest domestic rivals have also dipped so far this year, with XPeng (NYSE: XPEV) and LI Auto (NASDAQ:LI) falling by 1.15% and 3.74% respectively. Ongoing weakness in tech and a growing mistrust of Chinese stocks have put notable pressure on Nio and its peers.
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Some positive news surfaced over the weekend as Nio has officially leased a larger headquarters building in San Jose, California. Nio has reportedly leased a space that is over 200,000 square feet, which likely means some form of production or research and development will be included in this space. While the company remains mum on when it will actually launch in the US, Nio already has plans to expand to 25 different markets by 2025, so we can reasonably expect the US to be on that list of countries.
NIO stock price
Speaking of global expansion, Nio has sent out its first official firmware update to vehicle owners in Norway. This marks the first time Nio has sent an FOTA or Firmware Over the Air update outside of its home market of China. The update is providing some much needed winter updates for Nio’s ES8 SUV, which includes features like manual battery warmup. Norway is one of the hottest markets for electric vehicles outside of the US and China, and its unique climate has certainly made for some challenges for EV makers.
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