NIO Stock Forecast: Nio Inc falls then rebounds after Li Auto drags down Chinese EV stocks
- NYSE: NIO gained 0.90% during Monday’s trading session.
- Li Auto missed estimates for the quarter and provided lower guidance.
- Nio is partnering with the United Nations to promote its Clean Parks platform.
NYSE: NIO had a whipsaw day on Monday as it fell early in sympathy with Li Auto (NASDAQ: LI) before making a late-day comeback. Shares of Nio eked out a gain of 0.90% and closed the trading session at $21.30. Stocks extended their recent hot streak on Monday as all three major indices closed the day higher following their fourth consecutive weekly gain last week. Overall, the Dow Jones added 151 basis points, the S&P 500 gained 0.40%, and the NASDAQ posted a 0.62% rise during the session.
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All eyes in the Chinese EV space were on Li Auto (NASDAQ: LI) as the EV maker reported its second quarter earnings before the markets opened. Overall it was a disappointing quarter as Li missed on both earnings and delivery estimates. It also provided lower than expected guidance for the next quarter, something that caused its stock to fall by more than 6.0% during intraday trading. Li Auto managed to pull itself back into the green by the closing bell, following a similar trajectory to Nio. XPeng (NYSE: XPEV) saw its stock fall by 3.73%, while Tesla (NASDAQ: TSLA) had a strong start to the week, gaining 3.10% on Monday.
NIO stock price
On Monday, Nio also announced a new partnership with the United Nations Development Program to promote its Clean Parks initiative. The initiative doesn’t have much to do with its EVs, but Nio is showing that it is practicing what it preaches when it comes to the environment. The project promotes ecological protection and biodiversity conservation for regions around the world.
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