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We asked Google Bard what will be Nio stock price end of 2023; Here’s what it said

We asked Google Bard what will be Nio stock price end of 2023; Here’s what it said

In recent years, the electric vehicle (EV) industry has experienced a transformative revolution, with Tesla (NASDAQ: TSLA) leading the charge. Elon Musk’s brainchild disrupted the automotive landscape and redefined what it means to own and drive an electric vehicle. 

However, as the EV market rapidly expands, the once-untouched dominion of Tesla is witnessing the emergence of numerous promising EV startups from both the United States and China, vying to carve out their own niche and grab a slice of the electric automobile pie.

Chinese EV maker Nio (NYSE: NIO) said on Monday, June 12, it plans to cut prices for all its models and stop offering free battery-swapping services to new customers to reduce losses and drive sales. Nio will slash car prices by $4,200 for all models, translating to discounts between 6% and 9% on its cars. 

In that light, Finbold asked Alphabet’s new artificial intelligence (AI) sensation, Google Bard, to predict Nio’s stock price for the end of 2023. Bard has previously demonstrated its unique ability to forecast market prices and trends based on key factors.

What did Google Bard say?

For Nio, one of the leading China-based EV makers, Bard predicts the stock price would range from $10 to $12 at the end of 2023, 29%-55% higher than the current price level. 

Bard’s prediction, which marks a significant potential upside for Nio’s shares, is based on three key drivers, including robust EV demand in China, Nio’s expanding product lineup, and improved profitability. 

“China is the world’s largest market for electric vehicles, and demand is expected to continue to grow in the coming years. Nio is one of the leading EV manufacturers in China, and it is well-positioned to benefit from this growth.”

– Google Bard predicted.

In addition, in recent quarters, the automaker “has been able to reduce its costs and improve its gross margins. This could lead to higher earnings per share, which could support the stock price,” the AI bot added. 

Meanwhile, the chatbot also mentioned multiple risks that could negatively affect Nio’s share price in 2023, such as intensifying competition in the EV market and economic slowdown. 

For comparison, a machine learning algorithm over at the price prediction website CoinPriceForecast expects Nio’s shares to end the year at $8.82, representing a potential upside of 14%. 

CoinPriceForecast’s predictions for Nio’s stock price. Source: CoinPriceForecast

Nio stock price analysis

At press time on Monday, June 12, Nio’s shares were trading at $7.73 after closing down 0.7% on Friday, June 9. 

1-day data for Nio stock. Source: TradingView

Over the past month, the stock declined more than 5.7% and over 24.2% since the start of the year. After reporting mixed financial results for Q1 2023, analysts at Morgan Stanley said Nio’s provided outlook for Q2 was better than expected.

“2Q23 volume guidance of 23-25k units is the bright spot, surprising on the upside vs. our previous expectation of 19-21k and suggesting a notable sales upturn of 10.2-12.2k or +66%~98% MoM in June.”

– Morgan Stanley analysts said.

Although Nio’s revenue in the latest quarter missed expectations, the company’s loss came narrower than what analysts anticipated.

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