NIO Stock Price and Forecast: Speeds into the fastlane as NIO Day unveils exceed expectations

NYSE:NIO surges by 6.42% to start the second trading week of 2021 on fire.
The annual NIO Day event saw the company unveil its new ET7 luxury sedan model.
NIO also dropped an announcement of a new partnership with a microchip behemoth.

NYSE:NIO has started off the new year with the same momentum investors saw throughout 2020 as the stock has now gained 17% through the first week of 2021. On Monday, shares of the China-based electric vehicle company spiked to a new all-time high of $66.99 before settling back down to close at $62.70 by the closing bell. The reason for NIO’s late-day nosedive was due to the fact that the firm announced $1.3 billion of convertible senior notes would be offered to investors as NIO takes advantage of its soaring stock price to raise some future capital.

The big news in the electric vehicle space was the annual NIO Day event that took place in China over the weekend. NIO unveiled its first ever luxury sedan model, called the ET7, which is meant to rival such current offerings as the Tesla S Class and BMW 7-Series. The company also announced new battery technology that will be released in the ET7 which has several different options including a whopping 150kWh battery option that is estimated to have a 1000 km range. The ET7 is also going to introduce autonomous driving via LiDar sensors to NIO’s vehicle fleet. Whether related or not, Tesla (NASDAQ:TSLA) saw its stock plummet by 8% on Monday.

NIO stock news

NIO also announced that it would be partnering with microchip giant NVIDIA (NASDAQ:NVDA) to accommodate its advanced automated driving mode. With autonomous driving at the forefront of the next generation of electric vehicles, NIO has firmly established itself as an industry leader, especially in the largest automobile market in the world as its home clientele.

Share: Feed news

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.