Why Nio Stock Plunged 54% in the First Half of 2024, but Could Recover
While most electric vehicle (EV) stocks had a rough start to 2024, (NYSE: NIO) is among the worst-performing EV stocks of the year so far. Shares of the Chinese EV maker plunged 54.1% in the first half of 2024, according to data provided by S&P Global Market Intelligence.
Things haven't been easy for Nio, but the company is focused on its growth plans, and its deliveries are finally improving. So, could Nio stock rebound in the second half of 2024?
Dwindling demand amid an intense price war in Nio's home market, China, at the beginning of 2024 forced several EV makers to slash their prices and offer big promotions to spur sales, which hit their bottom lines. Nio, a leading player in China's premium EV market, also took a hit.
Source Fool.com
NIO Inc. Stock
€4.19
1.090%
With 0 Sell predictions and 2 Buy predictions the community sentiment towards the NIO Inc. stock is not clear.
As a result the target price of 5 € shows a slightly positive potential of 19.3% compared to the current price of 4.19 € for NIO Inc..
