Why Nio Stock Accelerated 12% Higher This Week
Several factors converged this week to make Chinese vehicle manufacturer (NYSE: NIO) a popular stock in the somewhat battered electric vehicle (EV) sector. Almost unarguably the major one was the announcement of a new vehicle, although 's (NASDAQ: TSLA) latest stumbles also played a role.
It was an eventful few days for Nio, and since these developments were positive the stock rose. It ended the week more than 12% higher in price, according to data compiled by S&P Global Market Intelligence.
That new model is the ONVO L90, the rollout of which Nio incorporated into a press release touting the production of its 800,000th vehicle. The company described the ONVO L90 as a product that "redefines the family oriented three-row electric SUV."
Source Fool.com
NIO Inc. Stock
Based on 1 Buy predictions and 2 Sell predictions the sentiment towards NIO Inc. is rather balanced.
A potential of -44.44%, resulting from comparing the current price of 5.4 € with the target price of 3 € for NIO Inc., shows the chance of incurring significant losses.
