- NYSE:NIO recovers on Monday, as cooling fears helped Wall Street to bounce.
- The company completed the building of its first power station in Norway.
- The EV sector plummeted on Friday despite good news from Tesla.
Update, November 30: NYSE: NIO rebounded 1.18% from multi-day lows to recapture the $40 mark on Monday, tracking the renewed upturn in the broader Wall Street indices. The improving market mood, amid easing fears over the impact of the new Omicron covid variant on the global economic recovery, aided the relief rally in the stock price. US President Biden also added to the optimism, citing new lockdowns are not necessary. The Electric Vehicle (EV) manufacturer also cheered the news that the company completed the building of its first power station in Norway after selling its ES8 models in the country from October 1. The EV company is making its presence felt gradually in the European market.
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The Chinese government continued its year of regulatory crackdowns on Friday. The CCP requested that ride-hailing company DiDi (NYSE:DIDI) delist itself from the US markets after the government has accused Didi of leaking sensitive data about Chinese citizens. It’s certainly not the first time that Didi and the CCP have clashed since the company went public, and investors in Chinese companies are certainly getting more nervous as there seems to be no end in sight to the CCP’s wrath.
NIO stock price
The entire markets were hammered on Friday, but EV stocks took an especially hard hit. Tesla (NASDAQ:TSLA) dropped by 3.05% despite announcing it would be investing $200 million into upgrading its Shanghai GigaFactory. Other EV stocks that were trading lower included Lucid Group (NASDAQ:LCID), Rivian (NASDAQ:RIVN), XPeng (NYSE:XPEV), and Li Auto (NASDAQ:LI) which is reporting its third-quarter financial results on Monday morning.
Previous updates
Update: NYSE:NIO is up almost 1% heading into Wall Street's close, trading at $40.36 per share. US indexes bounced after Friday's collapse, as investors digested fresh news related to the Omicron coronavirus variant. US President Joe Biden said that lockdowns are off the table as there would be no need if people get vaccinated and wear a mask. Regarding additional travel curbs, Biden said none are needed for now. Wall Street took note of his comments, with the DJIA up roughly 300 points and the Nasdaq Composite up by 315 points. The NYSE is up 0.58% at the time being.
Update: NYSE:NIO continued its volatile week on Friday and despite recording two positives and two negative sessions, the stock managed to close the week 3.63% higher. Shares of Nio fell by 3.45% during Friday’s tumultuous session and closed the trading day at $39.99. It was a nightmare close to the week on Friday as global markets tumbled on the news of the Omicron Variant of COVID-19 rapidly spreading throughout South Africa. The Dow Jones had its worst day of 2021, dropping by over 900 basis points, while the NASDAQ and S&P 500 were both down over 2.0% each. The VIX, which measures market volatility, surged by over 54% on Friday, to hit the highest levels in over six months.
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