Nio (NYSE:NIO) stock is slipping on Friday despite the electric vehicle (EV) company holding its European launch event today.
Today’s launch event has the company live-streaming a presentation on YouTube and its own website. This has Nio going over details for the new EVs it’s releasing in Europe. Nio has also revealed new augmented reality (AR) glasses designed for use with its vehicles.
The new EVs coming to Europe include Nio’s ET7 and ET5 models. One thing to note in the presentation today will be delivery estimates as well as how much customers will end up paying for the EVs.
Why Is NIO Stock Down Today?
The fact that Nio is expanding to a new area is good news for the EV company, but NIO stock is still down today. This has less to do with the company and more to do with investor sentiment across the EV sector on Friday.
For one, investors worry that growth in the EV sector is starting to slow. This includes talk that holiday orders are lower than expected. It’s also possible that supply-chain issues are keeping delivery numbers down.
This news has more than just NIO stock declining. Several other Chinese EV stocks are also seeing shares drop alongside the discussions.
With this latest Nio news comes decent trading of shares today. Some 35 million shares are moving as of this writing. For comparison, NIO stock’s daily average trading volume is around 42.7 million shares.
Shares of NIO stock are down 7.9% as of Friday afternoon as well as down 59% since the start of the year.
Investors looking for more of the latest stock market news will want to keep reading!
We’ve got all of the hottest stock market news traders can sink their teeth into on Friday! This includes what has shares of chip stocks falling today, why investors are taking interest in SNDL (NASDAQ:SNDL) and the latest from Ambac Financial Group (NYSE:AMBC). You can find out all about these topics at the following links!
More Friday Stock Market News
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.