Why Nio Stock Dropped on Friday
After rallying through the week, electric vehicle (EV) stock Nio (NYSE: NIO) broke its winning streak on Friday, dropping 2.2% as of 2:25 p.m. EDT. A top competitor's luxury cars are grabbing eyeballs, making investors in Nio jittery ahead of its upcoming earnings report.
Up until a couple of weeks ago, Nio was mainly pitched against XPeng and Li Auto, given that all three are China-based electric car manufacturers. There's another competitor in the scene now that's getting all the attention: Lucid Group (NASDAQ: LCID).
This past weekend, Lucid started deliveries of its first car, the Lucid Air Dream Edition. Ever since, EV enthusiasts have their eyes -- and ears – glued to what the media and customers have to say about the Lucid Air, which is also the longest-range EV so far, even better than Tesla's longest-range car yet, the Model S.
Source Fool.com
