NIO Stock Forecast

During Friday’s trading session, NYSE: NIO gained 1.11 percent.
XPeng has revealed information on a new SUV vehicle that will compete with GM.
Volkswagen claims that its electric vehicle sales in China have already overtaken those of its local competitors.
NYSE: NIO continues to rise as the stock closes off its third-quarter earnings week on a positive note. NIO stock rose 1.11 percent on Friday, closing at $42.67 on the final trading day of the week. Nio had a busy week, as the stock managed to stay positive despite trading down following the company’s dismal fourth-quarter projection.On Friday, the broader markets gained behind Nio, with all three major US indexes ending the day in positive territory. However, it was a losing week overall, snapping a five-week winning streak, as increasing inflation data damaged investors’ confidence in the US economic recovery.

One of Nio’s toughest domestic rivals has stated that a new smart SUV would be shown on November 19th at a Guangzhou car show. The revelation coincides with General Motors’ (NYSE:GM) announcement that the Cadillac Lyriq SUV would be available in China on November 17th. XPeng’s move also allows it to compete with domestic rivals such as Nio, Li Auto (NASDAQ:LI), and BYD, all of whom currently have electric SUVs on the market.

In other Chinese EV news, Volkswagen has announced that its EV sales have overtaken those of Nio, Li Auto, and XPeng in the nation. The business’s CEO recently said on Weibo that the company sold 13,000 electric vehicles in October, which is more than all three local EV manufacturers combined. VW was said to be suffering in China at first, but the German carmaker appears to have solved those challenges and is now prospering.