NIO Stock Forecast: Nio Inc nosedives ahead of third quarter earnings call

NYSE: NIO fell by 5.93% during Tuesday’s trading session.
NIO reported its third quarter earnings after the closing bell.
Investors look to the Nio Day event for further developments in 2022.

Stocks Reporter FXStreet

NYSE: NIO shareholders did not get the result they anticipated on Tuesday as the company prepared to report its third quarter earnings after the close. Shares of Nio fell by 5.93% during trading hours and closed the session at $40.64. After being on a recent bullish breakout, the US markets pulled back and took a breather on Tuesday. All three major indices closed the day in the red, with the tech-heavy NASDAQ falling by 0.60%. The EV sector was hit especially hard on Tuesday, following Tesla (NASDAQ:TSLA) CEO Elon Musk confirming he would be selling at least 10% of his stock in the company. Shares of TSLA were down by 12% during the session, while other EV companies like XPeng (NYSE:XPEV), Li Auto (NASDAQ:LI), and Lucid (NASDAQ:LCID) were all trading lower in sympathy.

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Nio reported its third quarter earnings after the market closed on Tuesday, and despite topping Wall Street estimates, investors were not enthused. Nio saw its revenues jump 117% year over year to hit $1.522 billion, easily beating analyst estimates of $1.442 billion. Earnings per share also improved from a loss of $0.15 per share last year, to a loss of $0.06 per share in 2021.

NIO stock price

Disappointed Nio investors will be looking ahead to its Nio Day event in December now for any new announcements for 2022. There are rumors circulating that Nio could be introducing a new entry level sedan, as well as potentially an entry-level spin-off brand that would help to maintain Nio’s status as a luxury EV maker.

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Stocks Reporter

FXStreet

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