NIO Stock Forecast: Nio Inc closes flat after wild session for EV stocks

NYSE: NIO fell by 0.12% during Friday’s trading session.
EV Stocks were all over the map on Friday to close the week.
Tesla delivers its first Tesla Semi mega chargers.

Stocks Reporter FXStreet

NYSE: NIO extended its declines to close the week on Friday bringing its total losses for the past five trading sessions to 12%. Shares of Nio fell by 0.12% on Friday and closed the trading session at $29.31. All three major US indices closed lower once again making it the fourth consecutive negative session for the NASDAQ and the S&P 500. It has been a rough start to 2022 for the markets as higher interest rates and the Federal Reserve increasing its tapering policies has put downward pressure on the broader markets. Tech and growth stocks in particular have suffered, as the NASDAQ has seen a 5% loss during the first week of trading.

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Electric vehicle stocks in general have been hammered this week and the volatility continued into Friday’s session. Nio closed the day flat, while domestic rival XPeng (NYSE: XPEV) fell by 3.78% and Li Auto (NASDAQ: LI) jumped higher by 2.82%. Meanwhile industry leader Tesla (NASDAQ:TSLA) tumbled yet again losing 3.54% to close the week after a skeptical report from Morgan Stanley. In that report, the investment firm touted Rivian (NASDAQ: RIVN) as the one to challenge Tesla, but despite the praise, shares of Rivian were down 1.20%. Finally, despite no news from the company at all, shares of Lucid Group (NASDAQ: LCID) soared higher by 9.84% to close the week. It was just another day in the wild electric vehicle sector.

NIO stock price

There is perhaps light at the end of the tunnel for the long awaited Tesla Semi. It was reported that earlier this week Tesla delivered its first Megachargers to the Frito-Lay’s facility in Modesto, California. These will be the chargers used for charging its long-haul semi trucks, which are scheduled to be delivered to Frito-Lay’s at some point this month.

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Stocks Reporter

FXStreet

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