- NYSE: NIO gained 17.27% during Monday’s trading session.
- January delivery numbers are expected from Chinese EV makers on Tuesday.
- Nio unveils it has produced some working prototypes of the ET5 sedan.
NYSE: NIO and other growth stocks closed out a tumultuous January with the best performing session of the new year. Shares of Nio skyrocketed by 17.27% and closed the final trading day of the month at $24.51. It was a welcome sight for investors who had suffered through a volatile month of trading. All three major indices soared higher led by the NASDAQ once again as the tech-heavy index popped by 3.41% on the strength of big tech companies. The Dow Jones gained 406 basis points, while the benchmark S&P 500 added 1.89%. Despite this, the S&P 500 still suffered its worst month of trading since March of 2020.
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Another month has come to an end and that means Chinese EV makers are set to report monthly delivery numbers on Tuesday. Industry analysts are already anticipating deliveries to dip in January on a sequential monthly basis. A reduction in government subsidies for consumers combined with an early Lunar New Year holiday week could also contribute to lower deliveries to start the year. Nio rivals XPeng (NYSE: XPEV) and Li Auto (NASDAQ:LI) gained 9.08% and 8.84% respectively during Monday’s session.
NIO stock price
In other company news, Nio unveiled that it has created a couple of prototypes for its upcoming ETF sedan which is slated to begin production this fall. Nio took a month late last year to upgrade its production facilities in anticipation of the new model, which is preparing to take on the Model 3 from Tesla (NASDAQ: TSLA) which is the world’s best selling electric vehicle
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