Why Nio Stock Slumped Today
After kicking off the first trading day of 2022 on a solid note, electric vehicle (EV) stock Nio (NYSE: NIO) reversed course on Tuesday and tumbled 5.4% as of 1:30 p.m. ET. An analyst sees Nio stock doubling in 2022, but even that doesn't seem to have piqued investor interest.
Deutsche Bank analyst Edison Yu released a bullish note on Nio on Jan. 4, projecting the EV maker's stock to recover sharply this year after a dud 2021, backed primarily by new product launches. To name a few, Nio expects to start deliveries of its flagship sedan ET7 in March and of its just-launched mid-size sedan ET5 in September. Nio is also expected to unveil a sixth model this year, and has aggressive plans to expand internationally, especially in Europe.
Image source: Nio.
Source Fool.com
