NIO Stock – Why NYSE: NIO Dropped Yesterday
What happened Many stocks in the electric vehicle (EV) sector are sinking today, and Chinese EV maker NIO (NYSE: NIO) is actually no exception. With its fourth-quarter and full-year 2020 earnings looming, shares dropped almost as ten % Thursday and remain lower 7.6 % as of 2:45 p.m. EST.
Li Auto (NASDAQ: LI)
So what Fellow Chinese EV producer Li Auto (NASDAQ: LI) noted its fourth quarter earnings today, although the results should not be frightening investors in the industry. Li Auto noted a surprise profit for the fourth quarter of its, which may bode very well for what NIO has got to say in the event it reports on Monday, March one.
Though investors are actually knocking back stocks of those high fliers today after lengthy runs brought huge valuations.
Li Auto noted a surprise positive net earnings of $16.5 million because of its fourth quarter. While NIO competes with LI Auto, the businesses give slightly different products. Li’s One SUV was developed to offer a specific niche in China. It provides a tiny gas engine onboard that may be utilized to recharge its batteries, allowing for longer travel between charging stations.
NIO (NYSE: NIO)
NIO stock delivered 7,225 cars in January 2021 as well as 17,353 in its fourth quarter. These represented 352 % and 111 % year-over-year gains, respectively. NIO Stock not too long ago announced its very first deluxe sedan, the ET7, which will also have a new longer range battery option.
Including today’s drop, shares have, according to FintechZoom, actually fallen more than 20 % from your highs earlier this year. NIO’s earnings on Monday might help relieve investor nervousness over the stock’s top valuation. But for today, a correction continues to be under way.
NIO Stock – Why NYSE: NIO Felled