NIO Stock Forecast: Nio Inc rebounds higher ahead of third exchange listing in Singapore

NYSE:NIO gained 5.24% during Thursday’s trading session.
Nio is set to begin trading in Singapore on Friday May, 20.
Nio’s rival XPeng opens an Experience Store in Oslo, Norway.

Stocks Reporter FXStreet

NYSE:NIO’s tumultuous week continued as the broader markets took investors on another roller coaster ride during Thursday’s session. Shares of NIO popped higher by 5.24% and closed the trading day at $16.66. Stocks looked to be jumping higher out of the opening bell on Thursday, but all three major indices closed in the red for the second straight day. The Dow Jones dropped by 236 basis points, the S&P 500 dipped lower towards Bear market territory after falling by 0.58%, and the NASDAQ edged lower by 0.26%.

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Nio is set to commence trading on the SGX Singapore Exchange on Friday. This marks the third exchange that Nio will be trading its shares on which also includes the New York Stock Exchange and Hong Kong. While the move doesn’t affect US traders right now, it is likely that Nio is being extra cautious and relisting in Singapore due to the ongoing crackdown from the SEC. Trading on a third market also allows the company to raise additional capital, which will certainly come in handy for Nio as it continues to scale up its global operations.

NIO stock price

One of Nio’s key domestic rivals XPeng (NYSE:XPEV), officially opened an XPeng Experience Store in Oslo, Norway. The Scandinavian country has been the launchpad for EV companies into the European continent. Nio established its presence last year and officially sold its 500th vehicle in Norway in recent weeks. Other EV makers that have a presence there are Tesla (NASDAQ:TSLA) and the Warren Buffett backed Chinese EV maker, BYD.

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Stocks Reporter

FXStreet

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