NIO Inc. (NYSE:NIO) shares are moving on Monday. The stock is down more than 8% over the last month.
What To Know:
The EV automaker is facing pressure from its competitors in the EV market including Tesla, Inc. (NASDAQ:TSLA), and XPeng, Inc. (NYSE:XPEV).
Tesla recently lowered the price of its Model Y vehicle by more than $1,900 in China and lowered prices on its current inventory of Model S and Model X vehicles by $9,600.
On Monday, XPeng announced a partnership with Didi to accelerate the adoption of Smart EVs and related technologies within the mass market.
Nio is set to announce its second-quarter unaudited financial results on Tuesday before the markets open and will host a conference call to discuss the results at 8:00 a.m. ET the same day. Nio is expected to report a loss of 36 cents per share and revenue of $1.35 billion, according to estimates from Benzinga Pro.
Related News: Tesla China Rival XPeng Taps Ride Hailing Firm DiDi to Boost Smart EV Adoption
NIO Price Action: According to Benzinga Pro, Nio shares are down 0.37% at $10.79 at the time of publication.
Image: geralt from Pixabay
