- NYSE:NIO edged higher on Thursday, adding 0.05% amidst a volatile day for the broader markets.
- Nio rival Tesla is set to showcase its new Model S Plaid edition on Thursday night.
- Chinese ride-hailing mega company Didi files for an IPO, which could give domestic EV brands more competition.
NYSE:NIO has another trading day where it remains inside its range as the consolidation period continues despite signs of a bullish breakout earlier in the week. On Thursday, shares of Nio gained only 0.05%, to close at $42.76, despite spending most of the trading session in the red. Nio once again saw resistance as it approached the $44 price level, although higher volume coming in may be able to push the stock through for its long awaited breakout.
In electric vehicle news, industry leader Tesla (NASDAQ:TSLA) is set to unveil its premium Model S Plaid edition on Thursday night after the markets close. Tesla CEO Elon Musk recently announced out of the blue that the super premium Model S Plaid+ edition had been scrapped, but that the normal Plaid edition was just as good. The new premium version of the flagship Model S will feature an acceleration of zero to 60 miles per hour in 1.99 seconds, as well as an improved range of 390 miles or roughly 627 km on a single charge.
Is NIO a good stock to buy?
Chinese ride-hailing giant Didi, officially filed for its IPO and this could be one of the biggest debuts ever on the public markets. Didi already reported a profit on $6.4 billion USD last quarter, and could seek a valuation of nearly $100 billion USD. Didi is well known for designing and developing its own ride-hailing electric vehicle, which could potentially eat into the domestic EV brands’ market share at some point in the future.
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