Nio Inc.'s NIO stock has been languishing at depressed levels, although recently it has picked up some momentum amid easing COVID-19 curbs in China. A key company-specific catalyst that has previously driven the stock price higher is scheduled for a little over two weeks from now.
What Happened: Nio announced that "Nio Day 2022" will be held on Dec. 24 at the Binhu International Conventional and Exhibition Center in Hefei, China. “Nio Day” is an annual event the company has been holding since 2017. It is at this event, the company makes major announcements concerning new vehicles, service offerings and other strategic activities, including international expansion.
The event will be live-streamed on its website and the Nio App. Registration for attending the event is now open on the Nio App in China.
See Also: Best Chinese Stocks
Why It’s Important: It was just after Nio Day 2020, held on Jan. 9, 2021, the company’s stock hit its all-time high of $66.99. At the event, the company announced its first-ever sedan, the ET7.
The next iteration of the event — Nio Day 2021 — was held on Dec. 18, 2021, but it did not create any flutter in the stock market. The Shanghai-based company announced its new midsize ET5 sedan, AR/VR integration and also international expansion plant at the event.
Hefei, the venue for the next Nio Day, is the company's home ground, as its main manufacturing plant operated along with its joint venture partner JAC, is situated there.
Price Action: Nio stock closed Wednesday’s session at $12.58, down 4.98%, according to Benzinga Pro data.
Read Next: Nio Weathers COVID-19 To Post Record November Deliveries — Expects Next Month To Be Even Better
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
