NIO saw a couple of major swings during the day as shares traded as low as $19.61 and as high as $20.95 during intraday trading. Ultimately, the stock closed the trading session completely flat at $20.18.
Nio’s movement mirrored the broader markets which flip-flopped once again between red and green. All three major indices slipped lower for the second straight day as gains from last week’s rally continue to be erased. The Dow Jones fell by 402 basis points, the S&P 500 dropped by 0.67%, and the NASDAQ inched lower by 0.16% during the session.
An announcement from Nio’s rival, XPeng (NYSE:XPEV) seemed to send some shockwaves through the Chinese EV industry. XPeng is partnering with stakeholder AliBaba (NYSE:BABA) to improve the company’s self-driving vehicle technology.
The companies are expected to open a joint research facility together in the near future. Self-driving technology has been a major hurdle to overcome for EV makers like Nio and Tesla (NASDAQ:TSLA).
The news of XPeng teaming up with AliBaba is being received as one of Nio’s biggest rivals gaining an edge in a critical part of the EV industry’s future.