Shares rise again as Wall Street shrugs off recent China woes

  • NYSE:NIO added 1.86% as EV and China stocks bounced back again.
  • Nio rides higher as industry leader Tesla gets some major upgrades.
  • Nio rival XPeng releases a refreshed look for its compact SUV.

NYSE:NIO joined other Chinese stocks in shrugging off the recent CCP crackdowns for a second straight session. On Thursday, Nio added 1.86% to close the day at $42.62, above the key level of $42.00. Chinese stocks trading on the U.S. markets continued to bounce back as the Chinese Hang Seng tech index has recovered over the past couple of days after a sell off wiped billions of dollars from China’s largest tech companies. Shares of AliBaba (NYSE:BABA) gained 0.78%, (NASDAQ:JD) added 2.35%, and Nio rival XPeng (NYSE:XPEV) climbed 1.82%. 

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Electric vehicle industry leader Tesla (NASDAQ:TSLA) finally rebounded from its earnings report on Monday, as the stock rose 4.69% during Thursday trading. The rise comes on some analyst upgrades including key remarks from Morgan Stanley which reiterated its overweight rating with a $900 price target. Morgan Stanley analyst Adam Jonas mused that Tesla now has such strong pricing power in the industry, that it could theoretically introduce vehicles as cheap as $20,000 by the year 2023, which would boost its market share even more.

NIO price prediction

Nio’s domestic rival XPeng (NYSE:XPEV) recently released a refreshed version of its popular compact SUV, the G3. This was the first electric vehicle ever released by XPeng, and is a direct competitor to Nio’s new ES3 vehicle, Li Auto’s (NASDAQ:LI) Li Xiang ONE, and of course the Tesla Model Y. Nio’s ES3 joins the ES6 and ES8 versions, which are larger, but rounds out Nio’s lineup as the domestic leader in electric SUVs. 

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