- NYSE: NIO fell by 1.29% during Monday’s trading session.
- The Chinese Passenger Car Association released its January sales figures.
- Chinese EV maker Polestar takes a shot at Tesla during its Super Bowl ad.
NYSE: NIO extended its recent decline on Monday, as the broader markets paused to assess the ongoing situation between Russia and Ukraine. Shares of Nio fell by 1.29% and closed the trading session at $23.79. Although it was Valentine’s Day, investors were disappointed to see another day of red across the major indices to start the week. It was a minimal loss for the NASDAQ which inched lower by 0.23 basis points, while the S&P 500 dropped by just 0.38%. The Dow Jones lost 171 basis points, as industrials and commodity-related stocks fell during Monday’s session.
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A report on Chinese passenger vehicle sales from the Chinese Passenger Car Association shows a drop off during the month of January. Sales of new energy vehicles in the country fell from 540,000 in December to 347,000. This figure still represented a near 100% year over year gain for the market, but it is also showing that the reduction of government subsidies has definitely had an effect on the industry. Tesla (NASDAQ: TSLA) noticeably saw its grip on the Chinese market soften as sales dropped for the month, although this also has to do with the company’s focus on exporting most of the vehicles made at the Shanghai GigaFactory.
NIO stock price
Newcomer and Volvo subsidiary, Polestar, had some choice words for its competitors during its $7 million Super Bowl ad spot. The company took a shot at Tesla CEO Elon Musk by stating it had no aspirations to conquer Mars. Polestar also hit at Volkswagen by saying it had no Dieselgate controversy in its past. Polestar is planning to public on the NASDAQ exchange via a SPAC merger, and hopes to produce vehicles at US-based Volvo manufacturing plants in the near future.
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