Nio Inc.’s (NYSE: NIO) stock shares experienced a decline on Monday, October 9, closing at a loss of $0.38, or 4.36%, over the past 24 hours. Over the last month, the stock has taken a substantial hit, with a decrease of 19.26%, or -$1.99.
One potential reason for this downturn could be the robust sales performance of other EV players in the Chinese market. The China Passenger Car Association’s latest data indicates that even though Tesla (NASDAQ: TSLA), a significant market leader, saw a dip in its month-over-month sales in China, other domestic EV manufacturers showcased promising results.
Leading the pack was Warren Buffett-supported BYD Co, which reportedly delivered an impressive 286,903 vehicles in September, reflecting a 40% year-over-year increase. While NIO demonstrated comparable growth percentages, its delivery numbers trailed considerably behind BYD’s.
NIO reported a delivery of 15,641 vehicles for September, culminating in 55,432 vehicles for the third quarter and an aggregate of 399,549 to date. In contrast, BYD’s delivery for September alone surpassed 286,000, growing at a rate parallel to NIO’s trajectory.
Given NIO’s recent performance and escalating competition both domestically and globally, financial analysts at Finbold have turned to CoinCodex’s AI algorithms to project the automaker’s stock price by the close of 2023.
According to AI projections for NIO’s stock, it’s anticipated to close at $9.37 by the end of 2023, up from its current price of $8.34. Shorter-term forecasts suggest a trading price of $12.10 in 6 months and a significant jump to $27.33 in a year.
NIO chart analysis
Over the past month, NIO has fluctuated between $7.92 and $10.88, indicating considerable volatility. At present, the stock leans towards the lower end of this spectrum.
From a technical standpoint on the daily chart, NIO finds its support at $7.40 and faces resistance at $8.40. When compared to its 52-week range, NIO’s current position is on the lower side.
In contrast, the S&P 500 Index is performing on the higher end of its 52-week spectrum, suggesting that NIO is underperforming in comparison to the broader market.
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Source: https://finbold.com/ai-predicts-nio-stock-price-for-the-end-of-2023/