- NYSE:NIO jumped 2.97% on Wednesday to bounce back from its previous day sell-off.
- Nio rival XPeng receives approval to list on the Hong Kong stock exchange.
- Tesla surges and lifts the EV market, as Nio goes along for the ride.
NYSE:NIO has shrugged off its one-day dip and returned to climbing back up the chart towards its all-time high price levels. On Wednesday, Nio added 2.97% to close the trading session at $45.41, boosting the stock back above its key 200-day moving average price, as well as recapturing the 9-day moving average after Tuesday’s sell-off. What’s next for Nio’s stock? The short-term outlook remains bullish, and if Nio can remain on its uptrend, it should be able to continue higher for the rest of 2021.
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One of Nio’s chief domestic rivals, XPeng (NYSE:XPEV) was in the headlines on Wednesday and led the way for the Chinese electric vehicle sector. XPeng announced that it has received formal approval to list on the Hong Kong Stock Exchange, and will raise up to $2 billion USD for its initial public offering. This could potentially add even more investors and capital to XPeng, as China has much easier access to trading on the Hong Kong Stock Exchange, compared to the New York Stock Exchange.
The broader EV sector was propped up by industry leader Tesla (NASDAQ:TSLA), who was the large-cap leader on the day. Tesla added 5.27% during the session, on positive catalysts including its upcoming AI Day event, as well as the apparent rebound of the Bitcoin market. Tesla CEO Elon Musk has had a direct effect on the cryptocurrency markets, and has even gained the ire of Bitcoiners around the world. Tesla is open to accepting Bitcoin once again in the future if mining were to become more environmentally friendly.
