- NYSE: NIO gained 1.75% during Thursday’s trading session.
- A German publication has reported Nio has hired a well known automotive veteran.
- EV stocks are mixed as Tesla is rejected and Rivian drops even lower.
NYSE: NIO was a speck of green amongst another sea of red for the markets on Thursday as an early morning rally was negated by the closing bell. Shares of Nio gained 1.75% and closed the session at $29.13. Despite the company’s efforts to grow its brand around the world, Nio’s stock has taken a major hit over the past twelve months after being a stock market darling in 2020. Increased pressure on growth and tech stocks in 2022 have pushed the popular EV sector lower, even as the trend is on the cusp of being adopted on a global scale.
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Part of Nio’s expansion includes moving further into Europe this year with an anticipated five new markets on its radar. On Thursday, kfz-betrieb reported that Nio is hiring Ralph Kranz to head its rollout into Germany. Kranz is an industry veteran who is currently the director of commercial operations for Volvo. He has also worked at Aston Martin and Toyota in his career and is a well-respected veteran of the European automotive industry. Investors will be looking for a further update on European expansion at the next earnings call which should be at some point in February.
NIO stock price
The rest of the EV sector remained mixed on Thursday as shares of Tesla (NASDAQ: TSLA) briefly peaked back over $1,000 before closing the day at $996.27. Nio’s domestic rivals XPeng (NYSE: XPEV) and Li Auto (NASDAQ: LI) were split, as XPeng closed higher, while Li Auto was in the red. Shares of Lucid Group (NASDAQ: LCID) fell a further 3.27%, while Rivian (NASDAQ: RIVN) extended its decline below its IPO price and dropped another 6.31% on Thursday.
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