NIO Stock – Why NYSE: NIO Dropped Yesterday
What occurred Many stocks in the electric vehicle (EV) sector are actually sinking today, and Chinese EV producer NIO (NYSE: NIO) is no different. With its fourth quarter and full-year 2020 earnings looming, shares fallen pretty much as 10 % Thursday and stay lower 7.6 % as of 2:45 p.m. EST.
Li Auto (NASDAQ: LI)
So what Fellow Chinese EV developer Li Auto (NASDAQ: LI) claimed its fourth quarter earnings today, although the outcomes should not be frightening investors in the industry. Li Auto noted a surprise benefit for its fourth quarter, which could bode well for what NIO has got to say when it reports on Monday, March 1.
however, investors are knocking back stocks of those high fliers today after extended runs brought huge valuations.
Li Auto reported a surprise optimistic net revenue of $16.5 million for its fourth quarter. While NIO competes with LI Auto, the companies give somewhat different products. Li’s One SUV was designed to offer a certain niche in China. It provides a small gas engine onboard which may be utilized to recharge its batteries, allowing for longer travel between charging stations.
NIO (NYSE: NIO)
NIO stock delivered 7,225 vehicles in January 2021 plus 17,353 in its fourth quarter. These represented 352 % and 111 % year-over-year gains, respectively. NIO Stock not too long ago announced its first luxury sedan, the ET7, which will also have a new longer-range battery option.
Including present day drop, shares have, according to FintechZoom, already fallen more than 20 % from highs earlier this season. NIO’s earnings on Monday can help ease investor stress over the stock’s of exceptional valuation. But for today, a correction is still under way.
NIO Stock – Why NIO Stock Dropped