- NYSE:NIO gained 1.04% during Wednesday’s trading session.
- Nio and other Chinese EV makers report their deliveries for May.
- Nio assures investors that production should return to normal in June.
NYSE:NIO saw its momentum carry over from May as the Chinese EV maker saw its stock rise for the sixth straight day on Wednesday. Shares of Nio added a further 1.04% and closed the first trading session of June at $17.57. Some comments from the Fed caused another choppy day of trading as all three major averages closed in the red. Fed President James Bullard mentioned that reigning inflation in is still the top priority for the Fed, although he also mentioned he does not foresee a recession at this time. The Dow Jones lost a further 176 basis points, while the S&P 500 and the NASDAQ dropped lower by 0.75% and 0.72% respectively during the session.
Stay up to speed with hot stocks' news!
Chinese EV makers released their delivery figures for the month of May on Wednesday before the markets opened. All three of Nio, XPeng (NYSE:XPEV), and Li Auto (NASDAQ:LI) reported both sequential growth over April deliveries as well as on a year-over-year basis. Li Auto and XPeng were both affected less than Nio was during the Shanghai lockdowns, and expectedly managed to deliver more vehicles than Nio during the month. Shares of Li Auto closed higher by 1.56% while XPeng closed lower by 2.47% on Wednesday.
NIO stock price
Perhaps what was moving Nio’s stock higher on Wednesday was the fact that the company expects production rates to return to normal in June. Shanghai officially relaxed its COVID-19 imposed lockdowns on Wednesday, and Nio’s production should be back in full force. On top of this, the Chinese government is also beginning to offer cash subsidies once again for residents who buy domestically-made EVs. This should give a boost to sales for EV makers in the second half of 2022.
Stay up to speed with hot stocks' news!
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD hovers around 1.0530 after mixed US data
EUR/USD bounced from a fresh 2024 low at 1.0495, but gains were modest ahead of US data releases. Initial Jobless Claims beat expectations, but wholesale-level inflation was hotter than anticipated. Demand for the US Dollar prevails despite overbought conditions.
GBP/USD depressed around 1.2650 on relentless US Dollar buying
GBP/USD is holding losses while flirting with multi-month lows near 1.2650 in the early American session. The pair remains vulnerable amid a broadly firmer US Dollar and softer risk tone even as BoE policymakers stick to a cautious stance on policy. Speeches from Powell and Bailey are eyed.
Gold depressed around $2,550 and at risk of falling further
Gold consolidates at two-month lows as the prevalent demand for the US dollar overshadows that for the safe-haven metal in a risk-averse environment. Central bank leaders' speeches stand out in the American session.
Missing crypto influencer Kevin Mirshahi found dead in Montreal Park
Authorities report that the remains of Kevin Mirshahi, a prominent crypto influencer who was abducted in June, have been found in a Montreal park. Local police informed “The Gazette” that a passerby found the grim discovery on October 30 in Île-de-la-Visitation Park.
Trump vs CPI
US CPI for October was exactly in line with expectations. The headline rate of CPI rose to 2.6% YoY from 2.4% YoY in September. The core rate remained steady at 3.3%. The detail of the report shows that the shelter index rose by 0.4% on the month, which accounted for 50% of the increase in all items on a monthly basis.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.