NIO Stock Forecast: Nio Inc tumbles as a rival luxury EV maker earns its accolades

NYSE:NIO fell by 4.92% during Monday’s trading session.
The broader EV sector fell on Monday as growth stocks faltered.
US EV maker Lucid receives the MotorTrend 2022 Car of the Year award.

UPDATE: An early 1.2% jump for NIO at the open faltered after the first 10 minutes of trading on Tuesday's New York open. NIO stock is trading around Monday's close of $40.57.

NYSE:NIO has had a turbulent couple of weeks and the volatility continued into Monday’s trading session. Shares of NIO fell by 4.92% to start the week, closing the trading day at $40.57. Nio has been feeling pressure from investors following its recent third-quarter earnings report and disappointing October delivery numbers. The company is also feeling the heat in its domestic market of China, after a recent report that German automaker Volkswagen has already surpassed Nio in terms of electric vehicle deliveries. All eyes will be on the Nio Day event which will take place in China at the end of December.

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Nio was definitely not the only electric vehicle stock to fall on Monday as growth stocks across the board were trending lower. It was partially due to broader weakness from the markets as all three major indices either finished flat or slightly in the red. Nio rivals XPeng (NYSE:XPEV) and Li Auto (NASDAQ:LI) fell by 2.12% and 1.81% respectively on Monday, while electric vehicle industry leader Tesla (NASDAQ:TSLA) continued its sell-off, falling by a further 1.94%.

NIO stock price

One of Nio’s North American rivals, Lucid Group (NASDAQ:LCID) was one of the only automakers to finish Monday’s session in the green. Lucid reported its first earnings report as a publicly-traded company and also received the award for MotorTrend’s 2022 Car of the Year. Lucid only started delivering its vehicle at the end of October, but the luxury vehicles have been turning heads and receiving rave reviews across the internet. Shares of Lucid closed Monday up 2.16%.

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