- NYSE: NIO shares closed at $18.29 on Tuesday, down 3.48%.
- EV stock plunges as Rivian cancels orders, short Tesla.
- Weilai announced that it will enter the German market on October 7.
renew: NIO shares rebounded and resumed their downtrend before closing on Tuesday, plunging 3.48% on the day to close at $18.29. In Tuesday’s trading, NIO’s shares fell to a two-month low of $17.75. Weakness in the U.S. S&P global manufacturing and services purchasing managers’ index, coupled with dismal new home sales data, reignited recession risks in the world’s largest economy, sparking a sell-off on Wall Street and dragging NIO shares lower. Traders were also nervous ahead of the Jackson Hole seminar, where Fed Chairman Jerome Powell is expected to strengthen his firm commitment to fighting inflation.
NYSE: NIO ends as investors remain bearish ahead of company’s quarterly earnings call next week A dismal week of trading. On Friday, NIO shares fell a further 4.32% to close at $19.05. Stocks retreated on Friday as a sell-off in all three major indexes ended lower on more hawkish comments from the Federal Reserve, snapping a four-week winning streak for the S&P 500. Overall, the Dow lost 292 basis points, the S&P 500 lost 1.29% and the Nasdaq lost 2.01% during the session. to stay up-to-date on news on popular stocks!
Electric vehicle stocks fell again as more disturbing news hit the industry. Rivian (NASDAQ: RIVN) fell 4.04% after canceling customer reservations for its R1T truck and encouraging them to reorder a more expensive version of the same vehicle. Other EV stocks fell as both Lucid (NASDAQ: LCID) and Tesla (NASDAQ: TSLA) posted losses. Tesla saw more opposition as well-known bear and short-seller Scott Berger bought put options on 4.8 million Tesla shares in the second quarter. Citi analysts also shorted Tesla with a price target 50% below Friday’s closing price. Weilai stock price
NIO did make a statement at the end of the week: it is expected to enter the German market on October 7 . Germany is the largest market for the European auto industry, so this marks a more significant phase of NIO’s global expansion to date. NIO also plans to enter other European markets this year, and has plans to enter the U.S. market by 2025.
Previous Updates Update: NIO stock closed down Tuesday at $18.29 per share, down 3.53% on the day. Wall Street had another rough day, albeit with limited losses. Still, the Dow Jones Industrial Average fell 154 points, while the S&P 500 lost 0.22%. The Nasdaq Composite ended the day unchanged. Growth-related data was gloomy, as the S&P Global Purchasing Managers’ Index showed a sharper slowdown in August. The composite purchasing managers’ index plunged to 44.1, its lowest level in more than two years, reviving fears of a recession. However, it is worth noting that the situation is similar in most major economies, indicating that this is a global problem.
Update: NIO shares fell 1.9% to $18.59 at the open on Tuesday. Most of the negative news came from rival Xpeng Motors’ second-quarter earnings earlier in the day. While Xpeng Motors’ revenue met expectations, earnings per American depositary share missed estimates by about 30%. Xpeng shares fell more than 7%, but that was largely because its third-quarter guidance fell by a third. The market had been expecting deliveries for the quarter to be close to 46,000, compared to the midpoint of management’s guidance of 30,000. Investors wondered whether NIO, one of NIO’s closest rivals, would share the unexpectedly downbeat guidance in Thursday’s expected second-quarter earnings results.
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