NIO Stock Price and News: Nio corrects from monthly highs but ends in the green

Update September 8: NYSE: NIO retreated sharply from four-week highs of $41.86 on Tuesday, although managed to ended the day 0.55% higher at $40.59. The sell-off in the NIO shares came on the back of the company’s announcement of its plans to sell up to $2 billion in fresh US shares. The return of risk-off trades, as the US economic growth concerns resurfaced amid a spike in the Delta covid cases, also weighed down on NIO. Further, the ramping up of the Chinese regulatory curbs added to the downside in NO shares.

NYSE:NIO still has not seen its official IPO on the Hong Kong stock exchange, as the company awaits formal word that its application was granted. So on Monday, unlike some of its domestic rivals, Nio’s stock sat idle as the U.S. markets were closed for the Labor Day weekend. Shares of Nio gained 5.76% last week as the stock rode higher on news of record-setting orders in August, despite a dropoff in deliveries. The lower number of deliveries has been attributed to supply chain issues in the global chip industry, which will threaten Nio’s delivery numbers for at least the rest of this year. 

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Nio’s closest domestic rivals were both trading higher in Hong Kong as their American-based ADRs also took the day off. Shares of XPeng (9868.HK) were trading over 1.35% higher at the time of this writing, and Li Auto (2015.HK) had gained over 1.40% so far in the session. On the other hand, Warren Buffett-backed BYD (1211.HK) was trading more than 1.80% lower during Tuesday’s morning session. 

NIO stock forecast

Speaking of BYD, shares of the company gained over 8% during Monday’s session on the Hong Kong stock exchange. The reason? The company saw its vehicle deliveries for the month of August grow nearly 400% year over year, as BYD delivered 61,409 new-energy vehicles. It should be noted that this figure does seem a bit inflated as it includes plug-in hybrids, although the case can still be made that BYD Is the top selling electric vehicle brand in China in the current environment. 

Previous updates

Update: NYSE:NIO finished Tuesday at $40.59 per share, up 0.57% on the day. The NYSE lost 107 points, while the DJIA finished the day down 0.76%. The S&P 500 lost 15 points, while the Nasdaq Composite managed to advance a modest 0.07%. Following an extended weekend, stocks came under selling pressure amid mounting concerns related to the spread of the coronavirus Delta variant in the US, and speculation it may affect economic progress.