Is Nio Stock About to Turn the Corner?
Investing is a long-term game. No one really knows what is about to happen to any given stock. But after a year-long slump, (NYSE: NIO) shares could be ready to turn the corner.
Shares of the Chinese electric vehicle (EV) company already had one attempt at recovery over the summer, but speed bumps in the company's business progress cut that rally short. A look at recent production data and a strong demand environment could signal that it's time for a new rally in Nio stock.
One major reason why Nio's share price was cut in half over the past year is its fundamental lack of progress in growing its production and vehicle deliveries to customers. In the first half of 2023, deliveries only nudged about 7% higher compared to the first half of 2022. That's not nearly the level of growth investors expect from the company.
Source Fool.com
NIO Inc. Stock
Currently there is a rather positive sentiment for NIO Inc. with 3 Buy predictions and 0 Sell predictions.
However, we have a potential of -0.48% for NIO Inc. as the target price of 5 € is below the current price of 5.02 €.
