NIO Stock Forecast: Nio sinks further as jobs report stifles growth stocks

Nio (NIO) saw its long-awaited launch in Germany overshadowed by strong economic data for the month of September. On Friday, shares of NIO dropped lower by 6.8% and closed the trading week at a price of $13.76. Stocks pulled back for the third straight day as a stronger than expected jobs report for September sent Treasury yields soaring and growth stocks tumbling lower. Despite the sour end to the week, all three major averages still managed to post modest gains following the two-day rally to start the month. Overall, the Dow Jones lost 2.1%, the S&P 500 dropped by 2.8%, and the NASDAQ fell by 3.8% during the session. 

Nio stock price

Nio officially held its European launch event on Friday in Berlin where it showcased the ET7 and ET5 sedans as well as the newly named EL7 SUV. Nio is introducing a novel rental system for its vehicles in Europe, where customers can use flexible leasing for as little as one month at a time. Deliveries for Germany and the Netherlands will officially begin on October 16 and start at a price of 999 euros per month.

Electric vehicle stocks were tumbling on Friday as the sector continued to get hit over fears of more hawkish rate hikes from the Fed. Tesla (TSLA) had its worst trading week since 2020 as the EV leader fell by a further 6.3% on Friday and more than 12% for the week. Rivian (RIVN), Lucid (LCID) and Mullen Automotive (MULN) were all trading well below water during Friday’s session. 

NIO 5-minute chart 10/7/22