Stock Market Today, Sept. 29: Nio Slides on Geely's 30% Stake Purchase in Battery Swap Business
Nio (NYSE:NIO), a premium smart electric vehicle (EV) maker, closed at $3.40, down 5.29%. Tuesday's slide followed reports tying pressure to Geely's (OTC:GELYF) purchased stake in Nio Power, and investors are watching November's Q3 results for margin progress.Trading volume reach
On September 29, Nio, a leading premium electric vehicle manufacturer, experienced a 5.29% drop in its stock price, finishing at $3.40. This decline was prompted by reports of Geely, the majority owner of Volvo Cars and the parent company of EV maker Polestar, purchasing a 30% stake in Nio Power. The market is closely monitoring Nio's third-quarter earnings, which are expected to provide insight into the company's margin improvements.
Trading volume reached 53.8 million shares, nearly 78% higher than its three-month average of 30.2 million shares. Nio, which went public in 2018, has seen a 48% decline since its initial public offering. The broader market also experienced a slight decline, with the S&P 500 closing at 7,670, down 0.18%, and the Nasdaq Composite closing at 26,798, down 0.09%.
Other battery-electric vehicle companies in China, such as Li Auto and XPeng, also saw a decline in their stock prices, mirroring the pressure faced by automobile manufacturers in the EV and mobility services sectors.
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