• NYSE: NIO fell by 1.91% during Thursday’s trading session.
  • EV stocks continued to slide as Nio, Tesla, and Li Auto all struggled.
  • Rivian may have just lost its competitive advantage and biggest partner.

NYSE:NIO investors were undecided on Thursday, but at the end of the day the stock closed lower once again. Shares of Nio dropped a further 1.91% and closed the trading session at $29.31. The Chinese EV stock failed to hold the $30.00 price level once again as broader EV sector weakness added pressure, despite growth stocks finally seeing some reprieve from the recent sell off. All three major indices fell into the red by the close despite a bounce back into positive territory during intraday trading. The Dow Jones was the biggest loser on Thursday falling by 170 basis points, as the markets paused ahead of the key December jobs report that is being released on Friday. 

Stay up to speed with hot stocks' news!

The electric vehicle sector has been one of the hottest on the market for the better part of 2020 and 2021, but so far in 2022 it has been all downhill. Sector weakness continued on Thursday and once again it was industry leader Tesla (NASDAQ: TSLA) that was dragging its competitors down with it. Shares of Tesla dipped a further 2.15% despite a price target raise to $1,300 from Bank of America. Nio, Li Auto (NASDAQ: LI), and Rivian (NASDAQ: RIVN) were also trading lower, while Lucid Group (NASDAQ: LCID) and XPeng (NYSE: XPEV) managed to eke out gains. 

NIO stock news

NIO Stock

Speaking of Rivian, shares of the electric truck maker dipped below its IPO price during intraday trading on Thursday. The reason? Despite Bank of America being bullish on the stock as well, it was the report that Rivian’s biggest competitive advantage was signing a partnership with another EV maker. Amazon (NASDAQ: AMZN) and Stellantis, the parent company of Chrysler and Dodge, are partnering to release the Dodge Ram ProMaster EV to the consumer market. Not only did Amazon sign on with another EV maker, but it is to make another electric truck model. Shares of Rivian were down 2.98% on Thursday.

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 dribbles around key support below 0.6900, China PMI, US PCE inflation eyed

AUD/USD dribbles around key support below 0.6900, China PMI, US PCE inflation eyed

AUD/USD holds onto the previous day’s bounce off important support while taking rounds to 0.6870 during Thursday’s inactive early Asian session. In addition to defending the corrective pullback, the Aussie pair also portrays the market’s anxiety ahead of important data from a major customer China.


EUR/USD: Oversold RSI probes bears around 1.0450

EUR/USD: Oversold RSI probes bears around 1.0450

EUR/USD dribbles around a two-week low as oversold RSI conditions challenge further downside during Thursday’s inactive Asian session. That said, the major currency pair takes rounds to 1.0450-40 at the latest.


Gold stays on the way to $1,807 support ahead of US PCE inflation

Gold stays on the way to $1,807 support ahead of US PCE inflation

Gold Price struggles to defend the previous day’s bounce off short-term key support during Thursday’s Asian session. In doing so, the yellow metal remains indecisive around $1,818. The yellow metal dropped to the lowest levels in two weeks the previous day.

Gold News

Polygon's MATIC price signals hard times to come, here's why

Polygon's MATIC price signals hard times to come, here's why
Polygon’s MATIC price signals bears have re-entered the market. If the profit-taking continues, a cataclysmic fall could occur to breach the $0.31 low
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!