- NYSE:NIO outpaced the broader markets on Monday, adding 4.15%.
- A familiar rival ships its first vehicles to Norway, as Chinese EV competition in Europe heats up.
- The first details on Nio’s new SUV model emerge ahead of its production next year.
NYSE:NIO extended its momentum on Monday, as growth stocks continued to rebound from their recent slide. Shares of Nio gained 4.15% to close the first trading day of the week at $43.68. The current bullish outbreak by Nio has seen the stock rebound nicely off of its recent lows, and reclaim 24% of its price over the past month. With continued impressive quarterly vehicle delivery numbers, Nio has been the pick of many investors to emerge as the leader in the lucrative Chinese automotive market.
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Nio’s European expansion opportunity is one of the leading reasons that investors and analysts are so bullish on Nio. While domestic rival XPeng ((NYSE:XPEV)) just narrowly beat Nio into the Norwegian market that has been known as a hotbed for electric vehicles, Warren Buffett backed BYD (BYDDY) has officially shipped its first 100 vehicles to the Nordic country. Norway is expected to be the entry for overseas automakers before attempting to penetrate the established markets like Germany, which has traditionally been dominated by companies like Volkswagen, BMW, and Mercedes Benz.
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The news continues to roll out from Nio, as the nickname Gemini was released as a potential name for the upcoming luxury SUV model. This puts to rest the rumors of a mass produced, entry-level SUV model, as it looks like Nio has every intention of competing directly with Tesla’s Model X, BMW’s iX, and Audi’s e-tron SUV. The Nio SUV is set to be released at some point in 2022.