NIO Stock Forecast: Nio Inc pulls back as EV sector cools off

NYSE:NIO fell by 1.94% during Tuesday’s trading session.
The EV sector was hit with a flurry of good news on Monday.
Lucid motors finally announces vehicle deliveries.

Stocks Reporter FXStreet

NYSE:NIO started the day strong on Tuesday, but was unable to hold another day of gains as the stock tumbled into the close. Shares of Nio fell by 1.94% on Tuesday, and closed the trading session at $40.47. After surging by more than 6.0% on Monday, Nio climbed higher by over 3.0% Tuesday morning, only to fall below water by the time the markets closed. It was a mostly flat day for the broader markets as all three indices edged higher and finished in the green for the second straight session. The NASDAQ and S&P 500 both paused on Tuesday ahead of major tech earnings from Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), and AMD (NASDAQ:AMD).

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The EV sector climbed higher on Monday after a flurry of good news for the sector. Tesla (NASDAQ:TSLA) screamed to a new all-time high on the news that Hertz was ordering 100,000 vehicles for its rental service. XPeng (NYSE:XPEV) introduced several new technology advances for its vehicles at its Tech Day event, including upgrading its supercharger network and introducing flying cars by 2024. Tuesday saw a pullback, which is normal in a sector as volatile as the EV industry.

NIO stock price

Elsewhere in the EV industry, Lucid Motors (NASDAQ:LCID) finally announced it is delivering its long awaited Air Dream sedans to its patient customers. Over the weekend the EV maker posted an image of several Air Dream sedans on a delivery truck seemingly heading out to their soon to be owners. Shares of Lucid pulled back on Tuesday alongside the rest of the EV market.

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Stocks Reporter

FXStreet

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