Stock Market Today, May 27: Nio Jumps After ES9 SUV Launches at Lower Than Expected Price
Chinese smart electric vehicle (EV) maker Nio (NYSE:NIO) closed at $5.75, up 9.32% Wednesday. The stock moved higher after the company’s flagship ES9 SUV launched at a lower-than-expected starting price. Investors are watching upcoming ES9-driven delivery momentum as the price point signals potential worries about competition.
Trading volume reached 88.6 million shares, coming in about 110% above its three-month average of 42.2 million shares. Nio IPO'd in 2018 and has fallen 13% since going public after losing much of its 2020 momentum-driven gains.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) inched up 0.03% to 7,521 on Wednesday, while the Nasdaq Composite (NASDAQINDEX:^IXIC) added 0.07% to finish at 26,675. Within auto manufacturers, industry peers Tesla (NASDAQ:TSLA) closed at $440.36 (1.56%), and Li Auto (NASDAQ:LI) ended at $15.78 (-0.63%) as investors assessed competitive EV pricing and demand.
What this means for investors
Nio surprised industry watchers by pricing its new flagship SUV below pre-sale quotes announced in April. Every model trim will be the equivalent of about $4,000 cheaper than originally thought. The three-row SUV is the largest battery-electric SUV ever produced in China.
The company is partnering with global professional basketball legend Yao Ming to promote the new offering. Rising competition could be driving the company’s aggressive pricing and advertising approach, giving investors something to monitor.
Nio announced strong delivery numbers in Q1, nearly doubling year over year. Management also predicted strong growth in Q2, giving some investors confidence to add Nio shares now.
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Howard Smith has positions in Nio and Tesla. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.
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