NIO Stock Forecast: Nio Inc fails to resist above $24

NYSE: NIO Inc erased gains on Monday amid the poor performance of Wall Street.
Nio and rival XPeng are rapidly scaling their production as competition heats up.
Nio is pursuing a listing on the Singapore Exchange.

Stocks Reporter FXStreet

Update, February 8: NYSE: NIO kicked off a new week on the front foot and climbed to fresh three-day highs at $24.78 before reversing most gains to close Monday flat at $23.99. Chinese EV maker, Nio, exploring a listing on the Singapore Exchange as well is helping keep the buoyant tone intact around NIO. The negative performance on broader Wall Street indices led to erosion of gains in the EV maker shares.

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While January vehicle deliveries came in lower than expected, Nio and XPeng (NYSE: XPEV) are moving forward with plans to scale their production. Nio’s second production facility has been under development since last year and should be ready at some point in the second half of 2022. Now, Nio rival and AliBaba (NYSE: BABA) backed XPeng is upgrading its facility in Zhaoqing, which should boost its annual production as well as the release of new models like the G9 SUV later this year.

NIO stock price

With delays in Nio obtaining a listing on the Hong Kong Stock Exchange, the company is turning to nearby Singapore for a second listing. With the ongoing regulatory crackdowns from the Chinese government for companies listed on US exchanges, Nio has been dealing with endless red tape after it applied for a listing in Hong Kong. This does not really have an impact on US investors who have shares of Nio’s ADR, other than the company would have another listing if were to ever be forced to delist from the US.

Previous updates

Update: NYSE:NIO edged higher on Monday, now trading at around $24.40 per share, despite Wall Street struggling to advance throughout the day. Major indexes seesawed between gains and losses as investors lacked a fresh catalyst, but managed to bounce heading into the close. The NYSE was among the best performers, adding 106 points or 0.64%.

Update: NYSE: NIO seems to have found a temporary bottom as the stock closes the week up more than 10% over the past five trading days. On Friday, shares of Nio gained 3.59% and closed the trading week at $23.96. Nio appeared to be well on its way to higher gains on Thursday before the global markets were hit by the sell off of major S&P 500 and NASDAQ components, Meta Platforms (NASDAQ: FB). The markets recovered for the most part on Friday as the NASDAQ and S&P 500 gained 1.58% and 0.52% respectively, while the Dow Jones recorded a small loss of 21 basis points.

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