Nio Stock Plunged in April, but the Worst Could Be Over
Shares of (NYSE: NIO) plunged by 25.1% in April, according to data provided by S&P Global Market Intelligence. The electric vehicle (EV) stock trended even lower in the following days to hit a 52-week low on May 2, but it appears to have bottomed already, as investors now find it attractively priced.
Nio delivered a record number of EVs in December, but hasn't been able to sustain its momentum so far this year. In early April, Nio said its deliveries in the first quarter rose about 21% year over year. Sequentially though, its Q1 deliveries fell by almost 23%.
In between, a price war erupted in China as EV giant Tesla aggressively slashed the prices of its vehicles. Although few EV makers reportedly joined the price war in China, steep discounts by some companies impacted sales across the industry as customers delayed purchases in anticipation of further cuts.
Source Fool.com
NIO Inc. Stock
The community is currently still undecided about NIO Inc. with 2 Buy predictions and 0 Sell predictions.
With a target price of 5 € there is a positive potential of 20.6% for NIO Inc. compared to the current price of 4.15 €.
