- NYSE:NIO gained 0.44% during Friday’s trading session.
- Nio’s recent Power Day event showcased the power of its charging and battery swap networks.
- Nio isn’t out of the woods yet as COVID cases continue to rise in China.
NYSE:NIO had a rocky start to the trading day although the Chinese EV maker did manage to rally to a positive finish by the closing bell. On Friday, shares of Nio rose by 0.44% and closed the trading week at $22.60. A better than expected jobs report for the month of June managed to dash any fears of an impending recession for US investors. The NASDAQ posted its fifth straight day of gain as mega-cap tech stocks enjoyed another positive day. Overall the Dow Jones fell by 46 basis points, the S&P 500 edged lower by 0.08%, and the NASDAQ posted a 0.12% rise during the session.
Stay up to speed with hot stocks' news!
Nio held its second annual Power Day event recently and revealed some important updates for its charging network and battery swap stations. After announcing its 1 millionth battery swap and 1,000th battery swap station, Nio also revealed that its third generation battery swap technology will be ready to go by the end of this year to the beginning of 2023. Nio also reported that by 2025, it will have battery swap networks on nine vertical highways, nine horizontal highways, and in 19 of the largest urban areas of China.
NIO stock forecast
While Nio investors have celebrated its recent successes, the company is still not out of the woods in terms of the rising cases of COVID-19 in China. Investors are hoping that the weekend will find some reprieve, and that the Anhui Province of China where Nio operates a production facility, will stay clear of any government-imposed lockdowns.
Like this article? Help us with some feedback by answering this survey:
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 trades sideways below 1.0450 amid quiet markets
EUR/USD defends gains below 1.0450 in European trading on Monday. Thin trading heading into the Xmas holiday and a modest US Dollar rebound leaves the pair in a familair range. Meanwhile, ECB President Lagarde's comments fail to impress the Euro.
GBP/USD stays defensive below 1.2600 after UK Q3 GDP revision
GBP/USD trades on the defensive below 1.2600 in the European session on Monday. The pair holds lower ground following the downward revision to the third-quarter UK GDP data, which weighs negatively on the Pound Sterling amid a broad US Dollar uptick.
Gold price sticks to modest gains; upside seems limited amid USD dip-buying
Gold price attracts some follow-through buying at the start of a new week and looks to build on its recovery from a one-month low touched last Thursday. Geopolitical risks stemming from the protracted Russia-Ukraine war and tensions in the Middle East, along with trade war fears, turn out to be key factors benefiting the safe-haven precious metal.
Let’s focus on the good for a few more days
Last week was chaotic. The Fed’s hawkish 25bp cut, the hint from the dot plot that there would be only two rate cuts next year instead of four – because the US economy is too strong to continue the cuts as previously predicted - and the US debt limit shenanigans even before Trump took office gave a negative jolt to the US stock markets.
Bank of England stays on hold, but a dovish front is building
Bank of England rates were maintained at 4.75% today, in line with expectations. However, the 6-3 vote split sent a moderately dovish signal to markets, prompting some dovish repricing and a weaker pound. We remain more dovish than market pricing for 2025.
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.