- NYSE:NIO gained 2.96% during Thursday’s trading session.
- News is swirling around Nio as the company announces a mass market line of EVs.
- BYD opens a new sales center in Sydney as it expands into Australia.
UPDATE: Nio stock is down 3% at $$20.27 one hour into Friday’s session. If the NIO stock price remains near here, then this will be the first down day since NIO began a 7-day stretch of advances last Wednesday. League leader Tesla (TSLA) is down 2.5% at $902 after the Bureau of Labor Statistics released data that said the US gained 528,000 jobs in July, pushing the unemployment rate down to 3.5%. The market tanked at the start of the session on the news since a tighter labor market should lead to higher inflation or at least inflation lasting longer. This in turn might force the Fed to rethink its recent doveish statements and instead offer up another large-scale hike in the fed funds rate. A steeper interest rate path should produce an even stronger dollar and reduce the long-term value of low-profit growth stocks reliant on debt markets.
NYSE:NIO saw its recent hot streak continue on Thursday as the Chinese EV maker climbed higher for the seventh consecutive day. Shares of Nio added a further 2.96% and closed the trading session at $20.90. Stock pulled back after a broader market rally on Wednesday as investors await the key jobs report from the month of July. Overall, the major indices were mixed with the Dow Jones slipping lower by 85 basis points, the S&P 500 inching lower by 0.08%, while the NASDAQ posted a modest 0.41% gain for the session.
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Nio has been at the center of multiple bullish headlines as of late which likely explains the excitement around the stock. Not only did Nio improve on its July deliveries from last year, but it has also opened several new technology and innovation facilities. Now, Nio has confirmed it is in the process of launching a mass market electric vehicle line that will cost in the neighborhood of $15,000 per car. This is actually a third line of cars from Nio, and for now the sub-brand is being called Project Firefly. It’s unclear if this is a China-specific line or if this will be a part of Nio’s global expansion.
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More news out of Chinese EV leader BYD on Thursday. The brand is fresh off shattering its monthly deliveries for EVs in China. Now, BYD has opened a new presentation and sales center in Sydney as the company moves into the Australian market. The Atto 3 is a model that has been popular in Australia and New Zealand, and BYD reported over 22,000 of them being shipped there in the month of July.
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