Nio Inc starts Christmas week on the back again

  • NYSE: NIO fell 6.13% in Monday’s trading session.
  • Nio showed off his Model 3 Killer at the Nio Day event this weekend.
  • Morgan Stanley reiterates its position on Nio stock.

NYSE: NIO investors may be losing faith in the Chinese electric vehicle maker, but the recent share pullback should be attributed more to lingering fears about the Omicron variant of COVID-19. Nio shares fell 6.13% earlier in the week and closed the trading session at $ 28.16. It was yet another tumultuous session for the stock market as it looks like 2021 may skip the annual Santa Gathering into the New Year. All three major indices fell by at least 1.00%. Inventories of electric vehicles were also crushed as West Virginia Democratic Senator Joe Manchin said he would not vote in favor of President Biden’s Build Back Better climate bill.

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Nio hosted its fifth annual Nio Day event in China on Saturday, and Wall Street investors and analysts have responded positively. As expected, Nio unveiled its ET5 sedan, which many believe should take Tesla’s Model 3 (NASDAQ: TSLA) head-on in the global electric vehicle market. Nio revealed that the ET5 will have a range of 1,000 km with an interior featuring both AR and VR technology. Nio also said it will expand to more European markets by the end of 2022 and more than 25 global markets by 2025.

NIO stock market news

Wall Street analysts were also impressed with the event and Nio’s future outlook. Morgan Stanley reiterated its overweight stance in Nio stocks and maintained its generous price target of $ 66 for Nio. This represents a cap of over 100% of Nio’s closing price on Monday, showing that Wall Street remains bullish on Nio for 2022, despite lingering geopolitical tensions between the United States and China.

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Eleanor C. William