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 additional difficulties.
Nio’s U.S.-listed shares fell 4.9% today, to 14.04, on the stock market. Thursday saw a 7.8% decline. The price of Nio shares fell to its lowest point since May and is still 68% below its 52-week high.
China’s EV Manufacturers Expand Into Europe
Before the official debut in Europe a few days ago, Nio’s co-founders had a 10-day road trip through Europe. In Germany, the home of Volkswagen, BMW (BMWYY), and Mercedes-Benz, Nio established its first battery swap station on September 28. (DDAIF).
The debut ceremony on Friday is the result of extensive planning. Nio made its plans to expand to Europe public last year.
So far, Norway has served as a test market for BYD and Nio. The Netherlands, Germany, Denmark, Sweden, and other countries are currently launching them. The U.K. and other nations will adhere to this. Nio (NYSE:NIO) wants to be present in 25 nations by 2025.
Featured Image- Megapixl @ Michaelvi
Author Jowi Kwasu