Nio's stock drops toward 3-year low ahead of EV sales update
Shares of Nio Inc. (NIO) took a 3.2% hit in afternoon trading Tuesday, to put it on track for the lowest close since June 29, 2020. The selloff comes the day before the China-based electric vehicle maker reports vehicle sales for the month of October. The stock has plunged 52.4% amid a three month losing streak, which is the longest such streak since the 6-month losing streak that ended April 2022. The stock was also headed for the worst three-month performance since it plummeted 58.2% over the three months ended October 2019. Data out of China overnight showed that manufacturing activity unexpectedly contracted in October. Also weighing on the EV maker's stock were concerns over demand given downbeat outlooks from Japan-based EV battery maker Panasonic Holdings Corp. (PCRFY) (JP:6752) and from makers of semiconductors for the auto industry. Among Nio's China-based rivals, which will also report October sales data on Wednesday, shares of XPeng Inc. (XPEV) have dropped 21.1% in October, but had gained 3.2% in September; and Li Auto Inc.'s stock (LI) has lost 5.2% this month and 21.0% amid a three-month losing streak,
-Tomi Kilgore
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
10-31-23 1450ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Powell Unfazed By Sticky Inflation, but Rate Cuts Are Far Off
-
After Earnings, Is Microsoft Stock a Buy, a Sell, or Fairly Valued?
-
Best- and Worst-Performing Stocks of April 2024
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Small-Cap and Value Stocks Are Undervalued
-
Why We Expect the Job Market’s Slowdown to Renew in 2024
-
5 Undervalued Stocks to Buy to Play a Little Defense
-
10 Top-Performing Dividend Stocks of the Month
-
Marathon Petroleum Earnings: No Change to Competitive Position, but Shares Look Expensive
-
Charlie Munger and How Not to Invest
-
Look Inside Berkshire Hathaway’s Portfolio Before Its Annual Meeting
-
After Earnings, Is AT&T Stock a Buy, a Sell, or Fairly Valued?
-
Mastercard Earnings: A Stable Environment Highlights the Firm’s Strengths
-
Pfizer Earnings: Solid Results Supported by Steady Tracking Toward $4 Billion In Cost Cuts
-
Starbucks Earnings: Not a Lot to Like About Results as Global Traffic Sputters