- NYSE:NIO gained 2.62% on Monday as the EV maker’s momentum continues into August.
- Nio delivered 7.931 total vehicles in the month of July.
- Tesla lowers its prices of the Model 3 in China.
NYSE:NIO bulls are back in control as the stock continues to rise above the key moving averages in the recent uptrend. On Monday, shares of NIO added 2.62% to close the first trading day of August at $45.85. The broader electric vehicle sector got a boost from Chinese EV makers reporting their delivery numbers for the previous month. Nio is set to report its second quarter earnings report on August 11th, and investors are anxious for an update on the latest battery swap technology upgrades, as well as the timeline for production of Nio’s new vehicle models.
The big news in the EV sector on Monday was the announcement of delivery figures from China’s big EV makers. Nio reported total delivery numbers of 7,931 for the month, which is good for a 124.5% year over year increase from 2020. The figure is slightly down sequentially from the month of June, where Nio managed to deliver over 8,000 vehicles for the first time in its history. Rivals XPeng (NYSE:XPEV) and Li Auto (NASDAQ:LI) were even more impressive with a 228% and 251% year over year increase respectively.
NIO price prediction
In what was perhaps a well-timed announcement from industry leader Tesla (NASDAQ:TSLA), the company reported it would be lowering the cost of its entry-level Model 3 vehicle in the Chinese market. The noticeable discount on the locally made vehicles will see some of the lowest prices in the world, especially after the government subsidies. Shares of Tesla also gained 3.27% on Monday, as the industry has a habit of moving in sympathy to one another.
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