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 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.
Nikolas has been involved in the finance industry for over fifteen years spanning across Europe and USA with a depth of knowledge and experience within many aspects of the financial markets. Nikolas gained several years experience with some of the Europe’s leading Brokers, as equity analyst, and trader managing accounts for both Private and Corporate Investors. He enjoys both the fundamental and technical aspects of trading focusing on stock markets and all FX majors. Currently, Nikolas provides analysis and comments to online financial publications. Educational background in Economics (BSc), and Finance (MSc).