NIO Stock - Why NYSE: NIO Dropped Thursday
What occurred Many stocks in the electric-vehicle (EV) sector are sinking these days, and Chinese EV producer NIO (NYSE: NIO) is actually no exception. With its fourth-quarter and full year 2020 earnings looming, shares fallen pretty much as ten % Thursday and remain down 7.6 % as of 2:45 p.m. EST.
Li Auto (NASDAQ: LI)
So what Fellow Chinese EV producer Li Auto (NASDAQ: LI) claimed its fourth-quarter earnings today, but the results shouldn't be worrying investors in the industry. Li Auto reported a surprise benefit for the fourth quarter of its, which could bode well for what NIO has got to say in the event it reports on Monday, March one.
although investors are knocking back stocks of these top fliers today after lengthy runs brought huge valuations.
Li Auto reported a surprise positive net revenue of $16.5 million because of its fourth quarter. While NIO competes with LI Auto, the businesses provide somewhat different products. Li's One SUV was designed to offer a certain niche in China. It provides a tiny gas engine onboard which could be used to recharge the batteries of its, allowing for longer travel between charging stations.
NIO (NYSE: NIO)
NIO stock delivered 7,225 vehicles in January 2021 as well as 17,353 throughout its fourth quarter. These represented 352 % and 111 % year-over-year gains, respectively. NIO Stock just recently announced its very first high end sedan, the ET7, that will also have a new longer-range battery option.
Including today's drop, shares have, according to FintechZoom, already fallen more than twenty % from highs earlier this year. NIO's earnings on Monday can help alleviate investor anxiety over the stock's of exceptional valuation. But for today, a correction stays under way.
NIO Stock - Why NIO Stock Felled Yesterday