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Will Nio stock make a comeback in 2024?

Will Nio stock make a comeback in 2024?
Ana Zirojevic

With the end of 2023 drawing near and 2024 about to begin, Chinese electric vehicle (EV) company Nio Inc. (NYSE: NIO) has had an eventful year, particularly in terms of its stock price movements that have seen it decline nearly 18% since the year’s turn but make significant progress in recent weeks.

As it happens, Nio has faced a challenging landscape this year, demonstrated by a slowdown in demand and production growth, increased competition, and other negative developments, leading the price of the EV manufacturer’s stock to decline from $9.63 on January 3 to $7.92 as of press time on December 21.

Nio stock 12-month price chart. Source: ChartMill

Unfavorable factors

Specifically, one of its most notable declines occurred in September when Nio announced it was raising $1 billion via the issuance of convertible senior notes to strengthen its balance sheet. Indeed, the drop has happened due to the fact that such a course of action could dilute the holdings of existing shareholders.

Meanwhile, the Nio stock price has declined 10% in the last 24 hours, coinciding with the reports that the United States was considering raising tariffs on certain Chinese EVs and solar products to protect the country’s green industry and limit reliance on Beijing for clean energy goods.

Nio stock price analysis

That said, the Nio stock current price reflects an increase of 6.59% across the previous seven days and 5.46% on its monthly chart, suggesting that its luck may have changed amid Chinese authorities adding the company to the list of approved car manufacturers, as Finbold reported on December 4.

NIO 30-day stock price chart. Source: ChartMill

All things considered, the price of Nio’s shares has been under some strong influence by both outside and inside factors, which makes predicting its possible comeback in 2024 a challenging task. For instance, its short-term trend is positive, while the long-term remains negative.

At the same time, it has performed worse than 84% of all other assets in the stock market when it comes to price movements this year, currently trading at the lower end of its 52-week range whereas the S&P 500 Index is trading near its new highs.

On the other hand, it has a strong average trading volume of 48.2 million shares traded per day, which indicates solid liquidity, and which has increased considerably in the last few days, in addition to performing better than 57% of the 39 other stocks in the automobile industry.

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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.

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