NIO’s Stock (NYSE:NIO) Meets Resistance as EV Market Shakeup Intensifies
NIO’s stock price (NYSE:NIO) is facing headwinds today, down 7.68% through the early part of the day as slumping July deliveries, and that stubborn $5 resistance level have hit sentiment to start the week.
In amongst a broader reshuffling of the Chinese electric vehicle (EV) market, new entrants like Xiaomi are making significant strides while established players are seen to be grappling with shifting consumer preferences and an ongoing price war.
Nio reported 21,017 vehicle deliveries for the month, a significant drop from 24,925 in June, which had marked a year-high. This represents a 2.7% year-over-year decline, with drops across all three of NIO’s main product lines.
Conversely, Xiaomi is rapidly gaining traction in the EV…
