NIO - Why Nio Stock Plunged 54% in the First Half of 2024 but Could Recover
2024-07-17 13:55:00 ET
While most electric vehicle (EV) stocks had a rough start to 2024, Nio (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.
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Why Nio Stock Plunged 54% in the First Half of 2024, but Could Recover