What's Going On With Tesla's Chinese Rival NIO Stock Today?

Nabaparna Bhattacharya

November 27, 2024

NIO Inc. (NYSE:NIO) shares are trading higher in the premarket session on Wednesday.

The EV manufacturer reportedly prepares to open its first Nio House in the United Arab Emirates (UAE) on November 28, reported CnEV Post. This marks NIO’s entry into the Middle East and North Africa (MENA) market.

CEO William Li shared the news in a Weibo video, revealing he is on his way to Abu Dhabi for the opening event. The Abu Dhabi Nio House, already conducting sales and deliveries, is NIO’s flagship showroom concept, featuring a two-story layout with a vehicle display area and an exclusive space for Nio owners.

NIO’s vehicles are currently available in five European markets: Norway, Germany, the Netherlands, Sweden, and Denmark, the report read.

According to Benzinga Pro, NIO stock has lost over 40% in the past year. Investors can gain exposure to the stock via Invesco Golden Dragon China ETF (NASDAQ:PGJ).

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This week, Goldman Sachs analyst Tina Hou downgraded NIO from Neutral to Sell and lowered the price target from $4.80 to $3.90, citing competitive pressures and a difficult path to profitability ahead.

The analyst notes NIO is unfavorably positioned heading into 2025 given the slow production ramp of Onvo and the company's limited new model pipeline.

Recently, NIO guided deliveries of 72,000–75,000 units for the fourth quarter, or a 43.9% – 49.9% year-over-year increase.

The company expects fourth-quarter revenue of $2.804 billion – $2.904 billion, representing 15.0% – 19.2% year-over-year growth.

Price Action: NIO shares are trading higher by 2.55% to $4.410 premarket at last check Wednesday.

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Photo via Shutterstock.

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