- NYSE:NIO declined by 3.86% on Friday, amidst a relatively flat day for the broader markets.
- Kaixin Auto soars as electric vehicle intentions are made public.
- BYD reports its July numbers and the company outpaced Nio once again.
NYSE:NIO had a disappointing end to the week as the electric vehicle sector cooled off alongside other growth sectors. On Friday, shares of Nio fell by 3.86%, erasing nearly all of the gains that had been made earlier in the week. Nio shares dipped alongside the broader electric vehicle sector, as an optimistic July Jobs report cast fear into growth investors over looming interest rate hikes by the Federal Reserve. Further to this, Nio does not benefit from President Biden’t bipartisan infrastructure bill as the company has yet to break into the U.S. market.
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One surprising report out of China came from little known company Kaixin Auto (NASDAQ:KXIN), which until now had been involved in the used vehicle resale industry. Kaixin had acquired Haitaoche Limited earlier this year, which provides Kaixin the infrastructure to enter the more lucrative electric vehicle sector. Domestic EV makers like Nio, XPeng (NYSE:XPEV), Li Auto (NASDAQ:LI) and BYD (OTC:BYDDY) have all benefited from CCP support as the government attempts to rapidly improve China’s electric vehicle sector. The move from Kaixin adds yet another company to an increasingly crowded landscape, and another competitor for Nio in the future.
NIO price prediction
Speaking of Warren Buffet backed BYD, the company reported its July vehicle deliveries and once again outpaced Nio. The company sold 24,996 total electric vehicles in the month, which is not just more than Nio, it is more than Nio, Li Auto, and XPeng combined. The figure represented a 139% increase year over year and a 23% increase sequentially from last quarter.
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