- NYSE:NIO surges on Monday as investors shrug off Fed-related jitters.
- Nio rival XPeng reveals a new SUV model for international markets.
- A noted analyst remains bullish on EVs and forecasts Apple Car.
Update, November 23: NIO share price opened a new week with a bang, gaining nearly 7.50% on the day to settle at $41.49. NIO stock rallied as high as $42.84 at one point during the day before retracing towards the close. The rebound in NIO stock came on the back of the reports that Nio's ET7 product manager said that reservations for the sedan are expected to start in mid-January, with deliveries in early 2022.
NYSE:NIO finally managed to end its recent downtrend with a positive day on Friday. The Chinese electric vehicle maker has seen its stock struggle since a less than spectacular earnings report arrived on the heels of a disappointing month of vehicle deliveries in October. On Friday, shares of Nio gained 0.65% to close the trading week at $38.66, as the stock bounced off the 50-day moving average as a support level.
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The big news on Friday in the Chinese EV market was that Nio rival XPeng (NYSE:XPEV) revealed its new SUV model: the G9. Perhaps the more exciting news that came from the announcement is that the company is eyeing a global expansion, with plans to head to the United States at some point in the near future. The G9 is slated to be available at some point in 2022 and is meant to be a direct competitor to both the Tesla Model Y and Nio’s ES8.
NIO stock price
Despite closing the day higher, Nio lagged the broader EV sector during the session. A Wedbush analyst provided a nice upgrade for Tesla (NASDAQ:TSLA), and other US EV stocks surged alongside it. Shares of Lucid Group (NASDAQ:LCID) surged higher by 17.34%, while newly public company Rivian (NASDAQ:RIVN) gained 4.23% during the session. The analyst even went so far as to say there would be an 80% chance the Apple (NASDAQ:AAPL) electric vehicle will be ready for consumers by 2024, and that he has confidence that Apple’s product will be ready to take on existing automakers. The analyst highlighted Apple’s autonomous technology as one of the key features that will set the Apple Car apart from its competitors.
Previous updates
Update: NIO added roughly 9% so far on Monday, currently trading around $42.13 per share and trimming last week's losses. According to a news portal focused on the energy-vehicle industry, the company is looking to open reservations for the ET7 version sedan in mid-January. Meanwhile, S President Joe Biden nominated Jerome Powell for a second term as chair of the US Federal Reserve. Lael Brainard, who reportedly was the other top candidate for the position, will become the new vice-chair. President Biden said that he believes Powell to be the right person to pursue the goal of full employment and tackle inflation.
Update: NIO stock opened the week strongly as the stock surged over 8% in early trading. The stock was boosted by news of a share raise last week raising $2 billion and news reports that the company is to take orders for its new sedan the ET7 in January. At the time of writing NIO is trading at $41.91 for a gain of 8.3%.
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