AUTO - Nio Stock Price Continues to Fall Ahead of Europe's First EV Launch to Compete With Tesla and VW
Nio stock price was trading at $13.82 as of 11:28 AM EDT. on Friday
After experiencing tremendous success at home, Nio ( NYSE:NIO ) is getting ready to make its formal debut in Europe, joining a slew of Chinese automakers who are flooding the second-largest EV market in the world. After declining on Thursday along with startup competitor Li Auto (NASDAQ: LI), Nio stock price continued to decline.
Nio ( NYSE:NIO ) is anticipated to introduce its newest models, including the ET7 and ET5 electric cars, in Berlin on Friday. At 12:00 ET, the event will be broadcast live on YouTube and nio.com. Investors will keep an eye on the price and delivery window. According to CnEVPost , Nio’s ES7 SUV is known as the EL7 in Europe. The action appears to be in retaliation to a prior lawsuit from the Volkswagen-owned brand Audi ( OTCMKTS:VWAGY ).
BYD Making Moves
BYD Company Limited ( OTCMKTS:BYDDF ), a leading manufacturer of 100% battery electric vehicles in China, unveiled three BEVs for Europe about a week ago. Notably, BYD debuted the reasonably priced Atto 3 small SUV, which is viewed as a less expensive substitute for the Volkswagen ID.4 and Tesla (NASDAQ:TSLA) Model Y. BYD signed a significant agreement with German auto rental firm SIXT on Tuesday. SIXT will purchase over 100,000 BYD EVs, with some Atto 3 deliveries beginning in Q4.
NIO Stock Price, Outlook
The ET5, Nio’s cheapest EV to date, is regarded as a Model 3 competitor. Considered to be a Model Y rival is the ES7. China’s EV manufacturers see a great opportunity in Europe. The fact that they are competing against well-known and adored Western automakers presents them with...
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