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Nio Inc. (NYSE:NIO) has had a rough year, with the stock plunging 51.54% over the past year and 46.31% year-to-date. But the story doesn’t end there. The latest shake-up at the top and mixed technical indicators have made Nio a stock to watch closely.
Nio’s Chief Financial Officer, Steven Wei Feng, resigned for personal and family reasons, effective Friday. Stepping into the role is Stanley Yu Qu, the company’s senior vice president of Finance. This news sent Nio shares down 2.67% as investors digested the leadership change.
Read Also: Leadership Change at NIO: CFO Resigns, Senior VP Takes Charge
Despite the leadership turmoil, Nio’s electric vehicle (EV) deliveries have been impressive.
In June 2024, Nio delivered 21,209 EVs, a 98.1% year-over-year increase. The second quarter of 2024 saw 57,373 EVs delivered, up a staggering 143.9% year-over-year. As of June 30, 2024, Nio’s cumulative deliveries reached 537,020 vehicles.
Nio’s technical indicators present a mixed picture:
Chart created using Benzinga Pro
Chart created using Benzinga Pro
Nio’s impressive EV delivery numbers show strong operational performance, but the leadership change and mixed technical signals add a layer of uncertainty. Investors are advised to stay cautious and watch for further developments as Nio navigates this transitional phase.
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Photo: Nio
Posted In: NIO