NIO Stock Forecast: Nio Inc falls as rival XPeng reports mixed results for the quarter

NYSE:NIO fell by 2.68% during Monday’s trading session.
XPeng reported mixed earnings and weaker guidance due to COVID restrictions.
Nio will be added to the Hang Seng tech index as a constituent stock.

Stocks Reporter FXStreet

NYSE:NIO started the week off on the back foot as a major domestic rival reported mixed earnings for the first quarter of the year. On Monday, shares of Nio dipped by 2.68% and closed the trading session at $16.00. US markets rebounded to start the week as stocks attempted to recover from the seventh consecutive losing week for the broader markets. The Dow Jones jumped higher by 618 basis points, the S&P 500 added 1.86%, and the NASDAQ rose by 1.59% during the session.

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One of Nio’s largest domestic rivals, XPeng (NYSE:XPEV) reported its first quarter earnings before the opening bell on Monday. The EV maker reported a loss of $0.28 per share and revenues rose by 144% on a year over year basis. Investors were disappointed that sequential sales numbers fell from last quarter when the company saw 303% sales growth from the previous quarter. XPeng’s rest of year guidance came in lower than expected as the company takes into account lower production numbers due to ongoing COVID-19 restrictions in China. Nio finally announced that it will be reporting its first quarter earnings on June 9th.

NIO stock price

Nio also reported that it would be added to the Hang Seng Tech index in Hong Kong as a constituent stock. The company joins other major Chinese companies like Tencent as well as other Chinese EV makers like XPeng and Warren Buffett-backed BYD. Nio just recently began to trade on the Singapore Exchange, making it the first EV maker to trade on three different markets.

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Stocks Reporter

FXStreet

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