NIO Inc – ADR (NYSE:NIO) stock has pulled back and moved into a technical correction after falling by 12.5% from its highest point in April this year. This retreat could be part of the formation of the cup-and-handle pattern, pointing to a rebound as it publishes its results on Thursday this week.
Nio Stock In Focus Ahead of Q1 Earnings
Nio, a top Chinese Tesla (NASDAQ:TSLA) rival, will be in the spotlight on Thursday as it releases its first-quarter earnings report.
These results come at a time when the company has become one of the fastest players in the electric vehicle industry. While its recent April deliveries report missed estimates, they demonstrated that its vehicles were seeing strong growth.
Nio delivered 29,356 vehicles in April, up by 22.8% from the same period last month. Its first-quarter deliveries rose by 98.3% to 83,465. In contrast, Tesla delivered 365,000 vehicles in the first quarter, missing the estimated range of between 365,000 and 381,000.
BYD, the biggest Chinese company, delivered 700,463 vehicles, down …
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