NIO Stock Price and News: Gains slightly as markets rotate back to growth
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NYSE:NIO added 0.11% during another bullish day for the broader markets.
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Nio rival BYD steps up its game with a monster order in Europe.
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Ford hits a key milestone with its Mustang Mach-E GT models.
NYSE:NIO spent most of Thursday’s session in decline, but the relative strength of the stock showed as it powered back into the green and extended for another day of gains. Shares of Nio gained only 0.11% to close the day at $45.46. Nio shareholders will be happy to see the stock maintain its upward trend, especially as the broader markets seem to be rotating back into growth sectors after several months of consolidation following a historic bull run in 2020. One signal of this, Ark Invest’s Innovation ETF, widely held as the pulse of the growth sector, has finally managed to crawl back over its 100-day and 200-day moving averages.
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Nio’s rivals continue to ramp up production as well, with Warren Buffett backed BYD (OTC:BYDDY) hitting it big with a massive electric bus order. The deal is the largest in the U.K. for electric busses, with 68 single-deck and 127 double-deck busses included. The busses were ordered directly by Transport For London, which handles much of the transportation and logistics for the metropolitan city. This aligns with Transport For London’s long-term goal of being carbon neutral by 2037.
NIO stock forecast
Another major automaker announced progress for its luxury sports car, as Ford (NYSE:F) exceeded expectations for its Mustang Mach-E GT models in terms of range. The test was run by the EPA or the Environmental Protection Agency, and measures how long an electric vehicle can drive on a single charge. That’s great news for Ford, as the iconic automaker attempts to play catch up to the likes of Nio and Tesla (NASDAQ:TSLA).
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