Why Nio Stock Is Falling Again Today
After some tough luck Wednesday, Nio (NYSE: NIO) stock fell further today and was trading down 3.7% as of 10 a.m. ET. It had slipped 5.9% at the market's opening this morning. On a day when other Chinese electric vehicle (EV) stocks like XPeng and Li Auto kicked off the day on a positive note, why is Nio stock falling?
Nio reported its much-awaited fourth-quarter numbers on March 1. The company's deliveries hit a quarterly record of 40,052 units and it generated revenue worth $2.3 billion, but investors' attention was on Nio's bottom line and expectations for 2023.
Unfortunately, Nio disappointed on both fronts, and at least three analysts cut their price targets on the EV stock today.
Source Fool.com
