NIO Stock Forecast: Nio Inc tumbles as DIDI delisting hammers Chinese ADRs
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UNLOCK OFFER- NYSE:NIO fell by 11.19% during Friday’s trading session.
- Chinese ride-hailing giant DIDI plans to delist from the New York Stock Exchange.
- The EV sector continued to get pummeled to close the trading week.
NYSE:NIO closed out a nightmare week on the markets, as the Chinese EV maker saw its stock fall by over 20% during the past five sessions. Shares of Nio fell by 11.19% on Friday, and closed the trading week at $32.15. It was another bloody day for the global markets, as growth stocks, in particular, were beaten down once again. The tech-heavy NASDAQ index bore the brunt of the pain on Friday, as the index plunged by a further 1.92%, while the Dow Jones and S&P 500 fell by 0.17% and 0.84% respectively.
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The big news out of China on Friday is that ride-hailing giant and blockbuster IPO from earlier this year, DIDI (NYSE:DIDI) is planning to delist from the New York Stock Exchange immediately. The company has had a rough ride ever since it went public at the end of June. Allegations by the Chinese government that Didi leaked private user data when it was preparing to go public, have haunted the stock, and it seems that the pressure finally got to be too much. The CCP has been advocating for Didi to delist for months and the company will be seeking a listing on the Hong Kong stock exchange instead.
NIO stock price
There may not have been a sector that got hit as hard this week as the electric vehicle sector. Growth stocks were hammered, as valuations continued to get slashed down amidst the ongoing market volatility. Nio’s domestic peers fell just as hard on Friday as XPeng (NYSE:XPEV) and Li Auto (NASDAQ:LI) dropped by 9.20% and 15.95% respectively. Tesla (NASDAQ:TSLA) fell by 6.42%, Lucid Group sank by 2.35%, and Rivian (NASDAQ:RIVN) trimmed a further 5.51% during the tumultuous session.
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- NYSE:NIO fell by 11.19% during Friday’s trading session.
- Chinese ride-hailing giant DIDI plans to delist from the New York Stock Exchange.
- The EV sector continued to get pummeled to close the trading week.
NYSE:NIO closed out a nightmare week on the markets, as the Chinese EV maker saw its stock fall by over 20% during the past five sessions. Shares of Nio fell by 11.19% on Friday, and closed the trading week at $32.15. It was another bloody day for the global markets, as growth stocks, in particular, were beaten down once again. The tech-heavy NASDAQ index bore the brunt of the pain on Friday, as the index plunged by a further 1.92%, while the Dow Jones and S&P 500 fell by 0.17% and 0.84% respectively.
Stay up to speed with hot stocks' news!
The big news out of China on Friday is that ride-hailing giant and blockbuster IPO from earlier this year, DIDI (NYSE:DIDI) is planning to delist from the New York Stock Exchange immediately. The company has had a rough ride ever since it went public at the end of June. Allegations by the Chinese government that Didi leaked private user data when it was preparing to go public, have haunted the stock, and it seems that the pressure finally got to be too much. The CCP has been advocating for Didi to delist for months and the company will be seeking a listing on the Hong Kong stock exchange instead.
NIO stock price
There may not have been a sector that got hit as hard this week as the electric vehicle sector. Growth stocks were hammered, as valuations continued to get slashed down amidst the ongoing market volatility. Nio’s domestic peers fell just as hard on Friday as XPeng (NYSE:XPEV) and Li Auto (NASDAQ:LI) dropped by 9.20% and 15.95% respectively. Tesla (NASDAQ:TSLA) fell by 6.42%, Lucid Group sank by 2.35%, and Rivian (NASDAQ:RIVN) trimmed a further 5.51% during the tumultuous session.
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