Why Nio Shares Bounced Around Wednesday
Nio (NYSE: NIO) shares have been turbulent over the last month, and that continued Wednesday morning. Shares of the Chinese EV maker jumped 2.8% in early trading today, before dropping nearly 3% below yesterday's closing price. At 11:11 a.m. ET, the shares were still down 2.5%.
Image source: Nio.
Investors have balanced positive and negative crosscurrents that have driven the stock recently. Shares declined last week when fellow Chinese EV maker XPeng provided disappointing guidance for third-quarter vehicle deliveries. Earlier this week, Deutsche Bank analyst Vincent Ha said his firm thinks Nio's third-quarter deliveries will be a little over 30,000 units. That implies sequentially flat shipments from July results. Investors may react again tomorrow, when Nio will report its August delivery numbers.
Source Fool.com
