NIO Stock Forecast: Nio snaps losing skid with modest gain ahead of CPI report
- NYSE: NIO gained 0.4% during Wednesday’s trading session.
- EV stocks were mostly positive as Lucid reaffirms production estimates.
- Nio’s CEO has some interesting words for Tesla in a German interview.
Nio (NIO) snapped its six-day losing streak as electric vehicle stocks closed the day mostly positive following some more good news for the industry. . All three major indices fell back into the red at the closing bell as the S&P 500 extended its negative streak to six straight days. Stocks pulled back as investors weighed further potential rate hikes stemming from Thursday’s September CPI report. Overall, the Dow Jones lost 0.1%, the S&P 500 fell by 0.3%, and the NASDAQ inched lower by 0.1% during the session.
Nio stock price
Electric vehicle stocks finished mostly in the green on Wednesday after startup Lucid (LCID) announced it is on pace to reach production goals for 2022. On the flip side, Lucid also announced a recall for more than 500 of its vehicles, but for investors the good news outweighed the bad as LCID’s stock rose by 3.5%. Other EV stocks on the rise included Tesla (TSLA), RIvian (RIVN), and General Motors (GM). Continued production targets being met is a positive sign for a sector that has been impacted by rising costs and supply chain issues.
In a recent exclusive interview with the German media, Nio CEO Wiliam Li revealed some future plans and who he respects in the EV industry. Li mentioned names like Tesla, Mercedes Benz and Volkswagen as companies Nio has learned from but is also trying to compete with. Li did mention that Tesla has more of a focus on technology than driver satisfaction and that if the EV leader does not improve its products it will likely see its global market share continue to shrink.
NIO 5-minute chart for 10/12/22