NIO Stock Forecast: Nio Inc tumbles during a bearish close to the week for US markets

NYSE: NIO fell by 6.11% during Friday’s trading session.
Domestic leader BYD is making major moves to expand its global reach.
XPeng is added to the Hang Seng tech index in Hong Kong.

Stocks Reporter FXStreet

NYSE: NIO succumbed to broader selling pressure on Friday as the US government firmly believes that Russia is planning its imminent attack on Ukraine. The ongoing geopolitical tensions held the markets lower this week, after a brief window of hope on Wednesday after Russia pulled back some troops from the border. On Friday, shares of Nio sank by 6.11% and closed the trading session at $23.21. All three major indices fell for the second straight session and the broader markets closed the week lower for the second straight week. The NASDAQ fell by 1.23%, the S&P 500 dipped by 0.72%, and the Dow Jones dropped by 232 basis points to close the week.

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While much of the discussion of the Chinese EV market revolves around Nio, XPeng (NYSE: XPEV), and Li Auto (NASDAQ: LI), the overwhelming leader in new energy vehicle production is BYD. On Saturday, the company will be launching its Atto 3 crossover in Australia. This will be BYD’s first expansion into Australia in the electric vehicle market, and is sending one of its top sellers, the Yuan Plus rebranded as the Atto 3. BYD leads the Chinese new energy vehicle market, and is rapidly expanding its market around the world.

NIO stock price

Meanwhile in Hong Kong, Nio-rival XPeng has been added to the exclusive Hang Seng Tech index as a constituent stock as of March 7th. This index lists the 30 top technology companies listed in Hong Kong, and XPeng will be one of the newest additions under the index’s Autonomous technology segment. Nio was looking to list in Hong Kong last year and has since turned its eyes to Singapore’s exchange in addition to its current listing as an ADR on the New York Stock Exchange.

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Stocks Reporter

FXStreet

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