NIO Stock Forecast: Nio Inc extends decline as Chinese EV makers fall ahead of earnings

NYSE:NIO fell by 2.46% during Wednesday's trading session.
Chinese EV makers and ADRs tumble ahead of key earnings.
XPeng unveils its flying car to the European market.

Stocks Reporter FXStreet

NYSE:NIO could not hold the $40 price level on Wednesday, as the Chinese electric vehicle maker fell for the third time in the last four days. Shares of NIO fell by 2.46% during Wednesday’s session and closed the day at $39.67. It was another sour day for the broader markets, as all three major indices closed in the red despite strong quarterly earnings reports from some of the larger constituents. The Dow Jones fell by 211 basis points, and the NASDAQ slipped by 0.3% ahead of strong earnings calls from the likes of NVIDIA (NASDAQ:NVDA) after the closing bell.

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It was a tough day for Chinese ADRs ahead of key earnings calls from AliBaba (NYSE:BABA) and JD.Com (NASDAQ:JD) on Thursday. AliBaba (NYSE:BABA), JD.Com (NASDAQ:JD), PinDuoDuo (NASDAQ:PDD), and DiDi (NYSE:DIDI) all tumbled on Wednesday by at least 3.0%. Chinese EV makers didn’t fare much better as XPeng (NYSE:XPEV) and Li Auto (NASDAQ:LI) dropped by 3.42% and 1.77% respectively. Li Auto announced it will be reporting its third-quarter earnings on November 29th, while XPeng is set to report theirs on November 23rd.

NIO stock price

Ahead of its earnings next week, XPeng took to Europe as the latest market to unveil its flying concept car. XPeng presented the vehicle at the EUROPEAN ROTORS 2021 convention in Cologne, Germany, and has already scheduled some test flights in Europe later this month. XPeng is hoping to have the flying car on the market in China by 2024. XPeng is also set to unveil a new EV model this week at the Auto Guangzhou 2021 show in its home market of China.

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Stocks Reporter

FXStreet

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