What's Going On With Chinese EV-Maker Nio's Stock?

Author: Erica Kollmann | April 12, 2024 11:01am

Nio, Inc. (NYSE:NIO) shares are trading lower Friday after Ohio Senator Sherrod Brown called for a ban on imports of China-made EVs to the US. 

The Details:

Senator Brown sent a letter to President Biden on Thursday, urging him to ban the sale of Chinese EVs in the United States. 

"Chinese EVs, highly subsidized by the Chinese government, could decimate our domestic automakers, harm American workers – many of whom are represented by the United Autoworkers (UAW) – and give China access to sensitive personal data," Senator Brown wrote in the letter. 

The Senator's call for a ban on Chinese EVs follows Treasury Secretary Janet Yellen's trip to China where she spoke with government officials regarding government subsidies and other trade practices. The talks were reportedly intensive and ongoing. 

Related News: Treasury Secretary Janet Yellen Sees ‘Flood Of Chinese Exports Wiping Out’ US Green Energy Industry

Is NIO A Good Stock To Buy?

Wall Street analysts view Nio on the whole as a Neutral, given the history of coverage over the past three months. Nick Lai from JP Morgan is the most bearish, expecting a 41.18% fall in the stock in the coming year.

Looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past 3 months, Nio fell 40.7%, which indicates that opinion soured on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which rose 3.43% over the past year.

A complete overview of how Wall Street views individual stocks is available here, while real time updates on the latest analyst actions will be delivered via Benzinga PRO. Try it for free.

NIO Price Action: According to Benzinga Pro, Nio shares are down 7.17% at $4.14 at the time of publication Friday. 

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Posted In: NIO