During the turbulent times in the electric vehicle (EV) market, many companies had to slash prices, scrap planned projects, and reassess their strategies, leading to a downturn in their stock prices.
Nio (NYSE: NIO) was particularly hard hit by these challenges, with its shares plummeting to a 12-month low.
Nio’s stock has been on a downward trend for months, but the latest dip can be attributed to the widespread price cuts in China’s electric vehicle market.
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Tesla (NASDAQ: TSLA) recently reduced prices on several of its top models, setting a trend for the industry. Following suit, Chinese carmaker Li Auto (NASDAQ: LI) also lowered prices on its EVs.
Nio stock price chart
As of the latest market close, Nio shares are valued at $4 after a 0.12% loss; however, the five recent trading sessions were positive, adding 6.95% to the NIO stock price.
But when zooming out, the picture becomes bleak, with a staggering 52.49% loss since 2024 started.
Wall Street NIO stock forecast
Despite ongoing challenges, analysts maintain a bullish outlook on NIO stock. Experts from TradingView have bestowed a ‘buy’ rating on NIO shares after conducting 32 evaluations.
Among these, 12 experts recommend a ‘strong buy,’ five suggest ‘buy,’ 13 advise ‘hold,’ and only two propose ‘strong sell.’
The average price target for NIO stock is $6.78, suggesting a potential upside of 69.50% from the current level.
Can partnership with GM prove a lifeline Nio desperately needs
After a prolonged period of challenges, the Chinese EV manufacturer needs a catalyst for growth, and it appears to have found one in collaboration with General Motors (NYSE: GM).
As part of this collaboration, more than 10,000 Nio charging stations will be integrated into SAIC-GM’s Ultium energy replenishment network. This expansion means that Nio’s charging network will now be accessible to a larger number of drivers who own SAIC-GM vehicles.
This development is a stepping stone for Nio as it seeks to expand its market presence and attract more buyers.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
