Nio Stock News and Forecast: Why is NIO down again?

Nio stock collapses 12% on Thursday as EV stocks slide.
Rivian earnings after the close are terrible and will put more pressure on the sector.
NIO closes below key support meaning more losses are likely.

Ivan Brian FXStreet

Nio stock (NIO) is certainly demonstrating enough volatility for the last two sessions. NIO stock surged on Wednesday, adding 12% before giving it all back and some on Thursday when NIO closed at $17.77. The stock remains under pressure, and the latest surge in nickel prices will not help. Morgan Stanley earlier picked up on this, saying it would add $1,000 to the price of electric vehicles. Business Insider yesterday said it would now add $2,000 to the selling price of EVs. Neither is a good result, and margins will continue to be pressured by surging commodity and input prices, as well as shipping costs.

Nio Stock News

News out late last night hit Chinese internet stocks hard in the afterhours market. The main Chinese internet ETF (KWEB) fell nearly 10% on Thursday, mainly on the back news that the Securities & Exchange Commission (SEC) has identified several Chinese companies that may be delisted if they fail to comply with auditing requirements. The companies mentioned are Yum China (YUMC), ACM Research (ACMR), BeiGene (BEIGF), HutchMed (HCM), and ZaiLab (ZLAB). While NIO was not among those stocks mentioned by the SEC, all Chinese tech stocks suffered contagion effects. This renews fears of delisting that surfaced late last year when DIDI was delisted. This was only after a successful listing for DIDI in New York a few months previous.

We also note rumours this morning of some form of potential agreement or partnership between Nio and Warren Buffet-backed BYD (BYDDY). CNEVPost reported on Thursday that BYD Chairman Wang Chaunfu was spotted at NIO House campus with Nio founder and CEO William Li.

Nio Stock Forecast

The bearish trend continues now that Nio has broken the support at $18.48. This brings into focus the big old high from July 2020 around $15. There is a volume gap from $18 to $15, which could mean a sharp drop, but $15 does have decent volume so should stabilise the fall. There is an important gap from $10.72 to $9.38. $27.34 remain the bearish pivot, above NIO is back to being bullish.

NIO stock chart, weekly

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Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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