• NYSE:NIO extends its slump on Tuesday as fears ruled.
  • Mizuho analyst Vijay Rakesh provided price downgrades for some EV stocks.
  • Nio announced that it has delivered its 200,000th electric vehicle.

Update: NYSE: NIO extended its correction from four-month highs of $24.43 on Tuesday, losing 2.57% of its value to settle at $22.36. The NIO stock price did manage to defend the $22 mark amid the renewed weakness, triggered by the broader meltdown in Wall Street indices. A big drop in the US CB Consumer Confidence heightened worries over a potential recession, as markets returned to ‘sell everything’ mode. The end of the month as well as the end of the quarter flows played it part, as the benchmark S&P 500 remained on track for its biggest first-half percentage drop since 1970. The Chinese EV maker shrugged off the news of China easing its covid restrictions for international travellers, as recession risks overshadowed.

NYSE:NIO dipped lower to start the week as growth stocks and the EV sector cooled off after a bullish close to last week. On Monday, shares of Nio dropped by 4.69% and closed the trading session at $22.95. Following what looks to be a bear market rally that sent the major indices surging last week, the markets opened the last week of June on the back foot. All three major averages closed the day lower. The Dow Jones dropped by 62 basis points, the S&P 500 fell by 0.30%, and the NASDAQ posted a loss of 0.72% during the session.


Stay up to speed with hot stocks' news!


Electric vehicle stocks were in decline on Monday as Mizuho analyst, Vijay Rakesh, issued some price downgrades for some of the sector’s biggest names. Nio (NYSE:NIO), Tesla (NASDAQ:TSLA), and Rivian (NASDAQ:RIVN) all saw their stock price targets get slashed after the COVID-19 lockdowns in Shanghai and ongoing global supply chain issues provide a bleak short-term outlook in Rakesh’s opinion. Investors should note that Rakesh reiterated his Buy rating for all three stocks. Nio’s price target was cut from $55 to $48 per share, while Tesla’s was slashed from $1,300 to $1,150.

NIO stock price

NIO Stock

Nio recently announced that it has officially delivered its 200,000th total vehicle since the company began shipping EVs back in 2016 with the high–end luxury sports car, the EP9. Since then Nio has released multiple new vehicle models, with several more on the way this year including the ES8 SUV and the ET5 sedan. Nio is in the midst of a global rollout with a focus on several more European markets later this year.

Previous Updates

Update: NYSE:NIO extended its slide on Tuesday, shedding 2.66% in the day to finish it at $22.36 per share. Wall Street turned south after a positive start to the week amid renewed inflation and growth-related concerns. The Dow Jones Industrial Average ended the day 486 lower, while the S&P 500 lost 1.83%. Finally, the Nasdaq Composite settled at 11,183, down roughly 3%. The market's sentiment soured following the release of the CB Consumer Confidence Index, which plunged to 98.7 in June, its lowest in over a year. The report also showed that consumers expect inflation to continue rising, hinting at a potential recession in the US. 


Like this article? Help us with some feedback by answering this survey:

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

GBP/USD holds above 1.2100 after UK inflation data

GBP/USD holds above 1.2100 after UK inflation data

GBP/USD trades in positive territory above 1.2100 in the early European session on Wednesday as investors assess the latest inflation data from the UK. On a yearly basis, the CPI climbed to 10.1% in July from 9.4% in June, surpassing the market expectation of 9.8%.

GBP/USD News

EUR/USD consolidates gains below 1.0200 ahead of EU GDP, Fed minutes

EUR/USD consolidates gains below 1.0200 ahead of EU GDP, Fed minutes

EUR/USD consolidates the rebound below 1.0200 amid a cautiously optimistic mood. US dollar extends the pullback ahead of Fed minutes while the euro awaits Eurozone GDP. The shared currency remains weighed down by recession fears and gas crises.

EUR/USD News

Gold’s battle with 50 DMA extends ahead of Fed minutes

Gold’s battle with 50 DMA extends ahead of Fed minutes

Gold price rebounds from weekly lows as the USD resumes correction. US Treasury yields are struggling to find demand ahead of the Fed minutes. XAU/USD needs acceptance above 50 DMA to sustain the recovery.  

Gold News

Solana price hints at a 50% upswing under these specific conditions

Solana price hints at a 50% upswing under these specific conditions

Solana price shows an interesting setup as it tries to overcome a stiff resistance level. The fifth attempt to overcome hurdles will likely be successful due to multiple bullish confluences. Solana price has been on a clear uptrend since producing the June 14 swing low at $25.76.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures