• NYSE:NIO gained 2.96% during Thursday’s trading session.
  • News is swirling around Nio as the company announces a mass market line of EVs.
  • BYD opens a new sales center in Sydney as it expands into Australia.

UPDATE: Nio stock is down 3% at $$20.27 one hour into Friday's session. If the NIO stock price remains near here, then this will be the first down day since NIO began a 7-day stretch of advances last Wednesday. League leader Tesla (TSLA) is down 2.5% at $902 after the Bureau of Labor Statistics released data that said the US gained 528,000 jobs in July, pushing the unemployment rate down to 3.5%. The market tanked at the start of the session on the news since a tighter labor market should lead to higher inflation or at least inflation lasting longer. This in turn might force the Fed to rethink its recent doveish statements and instead offer up another large-scale hike in the fed funds rate. A steeper interest rate path should produce an even stronger dollar and reduce the long-term value of low-profit growth stocks reliant on debt markets.

NYSE:NIO saw its recent hot streak continue on Thursday as the Chinese EV maker climbed higher for the seventh consecutive day. Shares of Nio added a further 2.96% and closed the trading session at $20.90. Stock pulled back after a broader market rally on Wednesday as investors await the key jobs report from the month of July. Overall, the major indices were mixed with the Dow Jones slipping lower by 85 basis points, the S&P 500 inching lower by 0.08%, while the NASDAQ posted a modest 0.41% gain for the session.

Stay up to speed with hot stocks' news!

Nio has been at the center of multiple bullish headlines as of late which likely explains the excitement around the stock. Not only did Nio improve on its July deliveries from last year, but it has also opened several new technology and innovation facilities. Now, Nio has confirmed it is in the process of launching a mass market electric vehicle line that will cost in the neighborhood of $15,000 per car. This is actually a third line of cars from Nio, and for now the sub-brand is being called Project Firefly. It’s unclear if this is a China-specific line or if this will be a part of Nio’s global expansion.

NIO stock forecast

NIO Stock

More news out of Chinese EV leader BYD on Thursday. The brand is fresh off shattering its monthly deliveries for EVs in China. Now, BYD has opened a new presentation and sales center in Sydney as the company moves into the Australian market. The Atto 3 is a model that has been popular in Australia and New Zealand, and BYD reported over 22,000 of them being shipped there in the month of July.

Like this article? Help us with some feedback by answering this survey:

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content

Recommended content

Editors’ Picks

AUD/USD: Bears are making their move

AUD/USD: Bears are making their move

Bears remain below the counter-trendline resistance which leaves the focus on the downside. AUD/USD bears could be about to move in for a run to 0.6800. The price is being rejected by the counter trendline resistance and is forking the makings of an M-formation in the process.


EUR/USD struggles to defend 1.0200 as sour sentiment teases DXY bulls ahead of US inflation

EUR/USD struggles to defend 1.0200 as sour sentiment teases DXY bulls ahead of US inflation

EUR/USD fades the corrective pullback from 1.0202 around 1.0215 as traders turn cautious ahead of the key US CPI during the initial hour of Wednesday’s Asian session. Also exerting downside pressure on the major currency pair are the economic fears surrounding the Eurozone.


Gold aims to recapture $1,800 as investors trim US Inflation forecasts

Gold aims to recapture $1,800 as investors trim US Inflation forecasts

Gold price is displaying a volatility contraction after printing a fresh monthly high at around $1,800.00 on Tuesday. The precious metal witnessed a decent north-side move on Tuesday and later on turned sideways ahead of US CPI.

Gold News

Iran adopts crypto in foreign trade, debuts with $10 million import order

Iran adopts crypto in foreign trade, debuts with $10 million import order

In a watershed moment for crypto adoption, Iran registered its first official order for importing $10M worth of goods paid for in cryptocurrencies. A private Iranian news agency reported that the Ministry of Industry, Mine and Trade has plans to widely use cryptos in foreign trade.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!