Nio Inc holds $ 30.00, but falls ahead of the Nio Day event again

  • NYSE: NIO fell 0.23% during Friday’s trading session.
  • Nio investors are gearing up for the annual Nio Day event on Saturday.
  • Nio is hoping a new vehicle will help ease the negativity surrounding the stock.

NYSE: NIO had another week to forget as the title continues to drop as the final two weeks of 2021 approach. Nio shares fell 0.23% on Friday and closed the trading week at $ 30.00 even. Nio has lost an additional 11% to its share price over the past five days, coinciding with the recent sell-off of popular growth stocks. Volatility was back on Friday as the Dow Jones fell 532 basis points, while the S&P 500 and NASDAQ fell 1.03% and 0.07% respectively.

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All eyes are on Nio this weekend as the company hosts its fifth annual Nio Day event in Suzhou City, China. The theme for the event is “Hello World” and, rightly so, the company hired Norwegian DJ Alan Walker to create a new theme song especially for the event. Investors are hoping to see further expansion plans for international growth, given the theme of the event. Unfortunately for Nio, the increase in COVID-19 cases and the looming shadow of delisting from Chinese stocks have tarnished the enthusiasm for the event.

NIO share price

Earlier this week, Nio announced the release of a new vehicle at Nio Day, which is widely regarded as the ET5 sedan. Many expect the ET5 to be a major rival for Tesla’s Model 3 (NASDAQ: TSLA). There is also an exterior possibility to unveil Nio’s new EF9 sports coupe. Can these new versions of vehicles stop the hemorrhage of Nio’s stock? Or will macroeconomic factors continue to weigh it alongside other ADRs? Investors will see how Nio’s stock reacts on Monday morning.

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