- NYSE:NIO fell by 0.66% on Monday amidst a mixed day for EV stocks.
- Li Auto reported its second-quarter earnings before the U.S. markets opened.
- Nio is dealing with a social media post from a customer that claims the throttle broke off while she was driving.
Update August 31: NIO Inc (NYSE: NIO) is rising with other Chinese stocks – at least those trading in New York and not in the embattled gaming sector. Shares of the automaker are changing hands at around $38.60, up over 2% on Tuesday. The last day of the month brings some jitters to markets, including to rival electric-vehicle companies such as Lucid Motors. Nevertheless, Nio is benefiting from fresh demand. Sales of new vehicles will be of interest as some car factories are shut due to the microchip shortage.
NYSE:NIO fell yet again on Monday, as the stock is trying to find support to avoid entering another bearish downturn. While the negative sentiment surrounding Chinese ADRs seems to be waning a bit, shares of Nio still fell by 0.66% on Monday to close the trading day at $37.80. It was a mixed session for EV stocks as well. Tesla (NASDAQ:TSLA) paced the sector as the stock gained 2.67%, while Nio’s domestic rival XPeng (NYSE:XPEV) closed the day 1.17% higher.
Another of Nio’s domestic counterparts Li Auto (NASDAQ:LI) reported its second quarter earnings before the markets opened. Shares initially traded higher after the report when the markets opened, but by the closing bell, Li had fallen by 1.06%. The company reported narrower than expected losses for the quarter, and a 159% year over year rise in revenues. Li’s Li One SUV saw sales jump by 166% year over year, as the company actually outsold Nio during that same time period.
NIO stock forecast
Nio was forced to deal with a curious posting on social media platform Weibo over the weekend. A lady in China posted photos of the throttle breaking off as she was driving her Nio ES6 crossover vehicle. Nio quickly responded by saying that the part is designed to break in a certain fashion, so as not to affect the vehicle’s sensors. The post has since been taken down, although Nio is still in damage control mode.
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