NIO Stock Forecast: Nio Inc sinks as EV stocks are hit by Fed’s hawkish comments
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UNLOCK OFFER- NYSE:NIO fell by 3.97% during Wednesday’s trading session.
- EV stocks were on the decline as the Fed reiterated its hawkish stance.
- Nio is rumored to be heading stateside by 2025.
NYSE:NIO extended its recent slide but did manage to hold the key $20.00 price level on Wednesday. Shares of the Chinese electric vehicle maker dropped lower by 3.97% and closed the volatile session at $20.08. Stocks pulled back on Wednesday, as the Dow Jones snapped its five-day winning streak. All three major indices closed the day lower after hawkish comments from the Fed in the latest FOMC minutes, as well as poorer than expected retail earnings from Target (NYSE:TGT). Overall, the Dow Jones slipped lower by 171 basis points, the S&P 500 sank by 0.72%, and the NASDAQ posted a 1.25% loss during the session.
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Not surprisingly, electric vehicle stocks were on the decline as growth sectors took a hit from the Fed’s latest comments. Tesla (NASDAQ:TSLA) shares were up earlier in the day although closed the session down by 0.84%. Wednesday was the day of record for Tesla shareholders to be included in the upcoming 3 for 1 stock split. Other EV makers trading lower on Wednesday included Rivian (NASDAQ:RIVN), Lucid (NASDAQ:LCID), Canoo (NASDAQ:GOEV), and XPeng (NYSE:XPEV).
NIO stock price
There is also a rumor making the rounds that Nio will be officially entering the US market in 2025. The company is believed to also be establishing a battery swap station at its California headquarters to begin testing for a US launch. Nio is still making its way across Europe and is planning to launch in Germany by the end of this year.
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- NYSE:NIO fell by 3.97% during Wednesday’s trading session.
- EV stocks were on the decline as the Fed reiterated its hawkish stance.
- Nio is rumored to be heading stateside by 2025.
NYSE:NIO extended its recent slide but did manage to hold the key $20.00 price level on Wednesday. Shares of the Chinese electric vehicle maker dropped lower by 3.97% and closed the volatile session at $20.08. Stocks pulled back on Wednesday, as the Dow Jones snapped its five-day winning streak. All three major indices closed the day lower after hawkish comments from the Fed in the latest FOMC minutes, as well as poorer than expected retail earnings from Target (NYSE:TGT). Overall, the Dow Jones slipped lower by 171 basis points, the S&P 500 sank by 0.72%, and the NASDAQ posted a 1.25% loss during the session.
Stay up to speed with hot stocks' news!
Not surprisingly, electric vehicle stocks were on the decline as growth sectors took a hit from the Fed’s latest comments. Tesla (NASDAQ:TSLA) shares were up earlier in the day although closed the session down by 0.84%. Wednesday was the day of record for Tesla shareholders to be included in the upcoming 3 for 1 stock split. Other EV makers trading lower on Wednesday included Rivian (NASDAQ:RIVN), Lucid (NASDAQ:LCID), Canoo (NASDAQ:GOEV), and XPeng (NYSE:XPEV).
NIO stock price
There is also a rumor making the rounds that Nio will be officially entering the US market in 2025. The company is believed to also be establishing a battery swap station at its California headquarters to begin testing for a US launch. Nio is still making its way across Europe and is planning to launch in Germany by the end of this year.
Like this article? Help us with some feedback by answering this survey:
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