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Nio Stock Earnings: NIO Q2 results are disastrous, but Q3 outlook gives hope

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Nio (NIO), the Chinese EV automaker, continued its string of lackluster results on Tuesday, reporting earnings and revenue that missed analyst expect

Nio is a designer and manufacturer of electric vehicles based in Shanghai, China. Formerly known as NextEV, the company changed its name to Nio in 2017. Nio trades under the NIO symbol on the New York Stock Exchange and under the 9866 tag on the Hong Kong Stock Exchange. The company was incorporated in 2014 but went public on the NYSE in September 2020 with a $1.8 billion initial public offering.

NIO stock has descended back from its early August high just above $16 per share to a former supply/resistance zone ranging from $10.15 to $11.30. This would be a good spot to enter since the projected healthy delivery report for August should see NIO burst up to the $13 to $14 resistance range in short order. A break of $10.15, however, will produce more selling that send the Nio stock price down to earlier resistance-turned-support at $9.50.

 

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