Can Nio Stock Break Out After a Flat First Half of 2023?
After watching (NYSE: NIO) plunge 69% in 2022, investors had hoped the beaten-down electric vehicle (EV) stock would recover this year on the back of rising demand for EVs in China and Nio's product lineup. Unfortunately, that hasn't been the case yet -- Nio shares ended the first half of 2023 on a flat note even as the S 500 index gained 15.9%, according to data provided by S&P Global Market Intelligence.
However, there's something notable about Nio's performance: The stock could have ended the first half of 2023 deep in the red, had it not been for its dramatic rebound in June. Many believe Nio is now headed for a much stronger second half.
Nio delivered a record number of vehicles, or 40,052 units, in the fourth quarter of 2022 despite China's struggles against the coronavirus and the consequential impact on the manufacturing sector. In the next quarter, though, Nio delivered only 31,041 EVs, and its deliveries dropped further to only 23,520 units in the second quarter of 2023.
Source Fool.com
NIO Inc. Stock
Based on 2 Buy predictions and 1 Sell predictions the sentiment towards NIO Inc. is rather balanced.
With a target price of 5 € there is a positive potential of 38.77% for NIO Inc. compared to the current price of 3.6 €.
