- NYSE:NIO gained 0.60% during Wednesday’s trading session.
- Morgan Stanley is bullish on the Chinese EV sector after Beijing gives it a boost.
- Nio is set to open its second Nio House space in Europe in mid-September.
NYSE:NIO had another turbulent day but the Chinese EV maker managed to close out the session stronger and in the green. On Wednesday, shares of Nio added 0.60% and closed the trading day at a price of $19.95. Stocks extended their declines with all three major indices closing lower for the fourth consecutive day. Wall Street closed out August with monthly losses as further comments from the Fed reiterated rate hikes would remain until at least 2023. Overall, the Dow Jones dropped by a further 280 basis points, the S&P 500 fell by 0.78%, and the NASDAQ sank by 0.56% during the session.
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After the Chinese government provided a boost to manufacturing sectors to stimulate the economy, Morgan Stanley analysts have once again turned bullish on the EV sector. China remains the largest EV market in the world and companies like Nio, XPeng (NYSE:XPEV), Li Auto (NASDAQ:LI), and BYD will benefit from increased funding and subsidies. Morgan Stanley joins Deutsche Bank as analysts who remain bullish on Chinese EV makers, with the latter firm maintaining its BUY rating for Nio and providing a price target of $39.00.
NIO stock forecast
Nio also announced that it will be opening its second Nio House in Europe on September 15th. The new center will be in Bergen, Norway, the second such Nio House in the Nordic EV market. Nio continues to expand across Europe and is planning on entering the German market a few weeks later at the beginning of October.
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