NIO Inc – ADR NIO shares are trading lower by 2.6% to $5.91 Thursday morning. Shares of several electric vehicle stocks are trading lower after Tesla Inc reported worse-than-expected fourth-quarter financial results.
Tesla and NIO are competitors in the electric vehicle market. Any earnings or developments related to Tesla’s market share, new products, or performance can influence investor perceptions of NIO’s competitive position.
If investors see a downturn or challenges in the electric vehicle sector, they might sell off not only Tesla but also other related stocks.
What Happened With Tesla Earnings?
In the fourth quarter, Tesla reported revenue of $25.17 billion, a 3% increase compared to the previous year but slightly below the estimated $25.62 billion. Automotive revenue, specifically, reached $21.56 billion, reflecting a 1% year-over-year increase.
Despite earnings per share being 71 cents, missing the consensus estimate of 74 cents, Tesla attributed this to the impact of increased vehicle deliveries with lower average selling prices on both revenue and earnings…Read More
According to data from Benzinga Pro, NIO has a 52-week high of $16.18 and a 52-week low of $5.80.
Image and article originally from www.benzinga.com. Read the original article here.