NIO Stock Forecast: Nio hits 2-year low as EV stocks tumble to close the week
- NYSE: NIO fell by 8.1% during Friday’s trading session.
- Further economic data sent growth stocks tumbling lower on Friday.
- Nio and ZF Group sign a supplier deal in Germany.
Nio (NIO) sank lower yet again on Friday as the Chinese EV maker saw its stock fall to a fresh two-year low price. Shares of NIO dropped by 8.1% and closed the trading session at a price of $11.75. Stocks erased most of their gains made during Thursday’s post-CPI rally as new economic data from the University of Michigan pointed toward inflation still being out of control in the US economy. Overall, Dow Jones lost 1.3%, the S&P 500 dropped by 2.4%, and the Nasdaq plummeted by 3.1% during the session.
Nio stock price
The report from the University of Michigan suggested that inflation expectations are still on the rise. The Fed often uses this report as a key point of economic data to determine interest rate hikes. Unsurprisingly, along with the negative news cycle, growth stocks were the first to sell off. Tesla (TSLA) dropped by 7.6% despite some positive notes from a couple of Wall Street analysts. Other EV stocks on the decline included Rivian (RIVN), Lucid (LCID), Mullen Automotive (MULN) and Ford (F).
Nio officially signed a new partnership with the German auto supplier ZF Group. The new deal will see ZF Group provide Nio with auto parts like steering products, as the EV maker continues to expand its operations in Europe. Earlier this month, Nio officially launched three of its vehicles in Germany and the Netherlands, as it continues to work toward its target of being in 25 global markets by 2025.
NIO 5-minute chart 10/14/22
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FXStreet
