Nio Inc - ADR NIO shares are trading lower by 3.41% to $7.65 Thursday morning in sympathy with peer Chinese EV-maker XPeng Inc, which recently reported worse-than-expected first-quarter financial results and issued weak second-quarter guidance.
Surging COVID cases across China may also be to blame for weakness across several Chinese stocks Thursday. Per a report by CNBC, infections could reach as many as 65 million cases per week by the time the surge peaks at the end of June.
Additionally, Barclays on Thursday downgraded XPeng from Equal-Weight to Underweight and lowered its price target from $8 to $6.
What Happened?
XPeng Wednesday reported quarterly losses of 37 cents per share which missed the analyst consensus estimate of a loss of 26 cents.
The company also reported quarterly sales of $587.31 million which missed the analyst consensus estimate of $741.07 million by 20.8%. This sales figure is a marked 50% decrease over sales of $1.18 billion the same period last year.
He Xiaopeng, Chairman and CEO of XPeng, said, "G6, the first production model built on XPENG's next-generation technology architecture SEPA2.0, will be officially launched in June 2023. I believe the G6 will emerge as...Read More
According to data from Benzinga Pro, NIO has a 52-week high of $24.43 and a 52-week low of $7.33.
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