February 24, 2024
London, UK

NIO Shares Add More than 16% Today

NIO shares delivery outlook

NIO shares are trading 16.48% higher today at $12.25 on speculation that China will be forced to a wide reopening of it’s Covid-restricted economy after the recent violent protests.

Yesterday the Chinese EV announced a partnership with Tencent on self-driving technology and high-definition mapping.

Nio third-quarter earnings disappointed investors as the loss per share came to -$0.30 in the third quarter, well above the same quarter of 2021 which was -$0.06. The company now expects the revenue for the fourth quarter to increase by 80% between 2.41 billion and 2.67 billion which is lower than the analyst’s expectations of $3.02 billion.

NIO delivered 31,607 vehicles in Q3, marking a quarterly delivery record for the EV maker. The electric vehicle company expects now to deliver between 43,000 and 48,000 electric vehicles in the fourth quarter of 2022. The company will report the November vehicle deliveries on Thursday, December 1. In October, the company delivered 10,059 EV’s, down 7.5% from September but 174% higher from a year earlier.

NIO Shares

NIO stock managed to break above the 50-day moving average today sending a short-term bullish signal for the stock. The next target to the upside for the bulls would be the 100-day moving average at $16.16. On the flip side, initial support for NIO stock stands at $11.34 the daily low. While a break below would open the way for a move down to the recent low at $8.38.

Previous Article

GameStop (GME) Announces Release Date for Q3 Results

Next Article

Oil Price Forecasts

You might be interested in …