NIO Stock – Why NIO Stock Felled Thursday
What happened Many stocks in the electric vehicle (EV) sector are actually sinking today, and Chinese EV maker NIO (NYSE: NIO) is no exception. With its fourth quarter and full year 2020 earnings looming, shares dropped almost as 10 % Thursday and remain downwards 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 nowadays, although the results should not be unnerving investors in the sector. Li Auto reported a surprise gain for the fourth quarter of its, which could bode very well for what NIO has got to point out in the event it reports on Monday, March 1.
however, investors are actually knocking back stocks of those top fliers today after extended runs brought huge valuations.
Li Auto reported a surprise positive net income 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 serve a certain niche in China. It includes a little gasoline engine onboard that can be used to recharge the batteries of its, allowing for longer travel between charging stations.
NIO (NYSE: NIO)
NIO stock delivered 7,225 cars in January 2021 and 17,353 in its fourth quarter. These represented 352 % and 111 % year-over-year benefits, respectively. NIO Stock not too long ago announced its very first luxury sedan, the ET7, that 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 could help relieve investor stress over the stock’s of exceptional valuation. But for today, a correction is still under way.
NIO Stock – Why NYSE: NIO Dropped Thursday