{"id":187023,"date":"2023-11-04T02:27:04","date_gmt":"2023-11-03T20:57:04","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=187023"},"modified":"2023-11-04T02:27:04","modified_gmt":"2023-11-03T20:57:04","slug":"nio-rises-6-as-nfp-comes-in-below-consensus-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/nio-rises-6-as-nfp-comes-in-below-consensus-crypto-news\/","title":{"rendered":"NIO rises 6% as NFP comes in below consensus &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<p>\n                        <span class=\"fxs_socialmedia_bar_share_label\">Share:<\/span><\/p>\n<ul>\n<li><strong>NIO gains\u00a06% higher on falling Treasury yields, soft NFP, cost savings plan.<\/strong><\/li>\n<li><strong>Nio CEO William Li says Nio will cut about 10% of its employees.<\/strong><\/li>\n<li><strong>Non-core investments will also be trimmed as EV company focuses on financial performance.<\/strong><\/li>\n<li><strong>US Nonfarm Payrolls fell to 150K in October, a print that all but ensures rate hikes are over.<\/strong><\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p><strong>Nio (NIO) <\/strong>stock rose 6% to $8.26 on Friday afternoon\u00a0after reporting that increased competition in the Chinese electric vehicle (EV) market had forced the Shanghai-based company to lay off 10% of its workforce and trim some of its investments.<\/p>\n<p>NIO stock has broken above its 21-day Simple Moving Average (SMA) as the automaker said it was considering spinning off some of its segments to streamline the firm and save money.<\/p>\n<p>The US equity market has reacted fondly to a light Nonfarm Payrolls (NFP) report for October that showed US employment growing at a slower pace that is more in line with the soft landing narrative. The US Federal Reserve is much less likely to raise interest rates with this news. This is the second straight day that the S&amp;P 500 and NASDAQ have rallied more than 1%.<\/p>\n<p>Additionally, US Treasury yields have collapsed, another boon to equity prices. The 2, 5, 10 and 30-year <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/bonds\">bonds<\/a> all saw yields retreat more than 2%, and the 5-year bond saw its yield fall more than 3%.<\/p>\n<h2 class=\"fxs_headline_medium\">Nio stock news: CEO says company will focus on efficiency<\/h2>\n<p>Nio management seems to have come to terms with the fact that it is not the future EV leader in the Chinese market that it was once thought destined to become. Data from the China Passenger Car Association shows in the year through September Nio was ranked 9th among EV and hybrid sales in mainland China, bagging a little over 2% of market share.<\/p>\n<p><strong>BYD (BYDDY)<\/strong>\u00a0and, to a lesser extent, <strong>Tesla (TSLA) <\/strong>have been locking up a larger share of the market in 2023 as they engage in a hyper competitive price war that has been hurting smaller players like Nio.\u00a0<\/p>\n<p>Bloomberg obtained a letter sent to employees on Friday explaining that the layoffs were necessary due to mounting profit losses and the company\u2019s struggle with growth.<\/p>\n<p>&#8220;This is a tough but necessary decision against the fierce competition. We still have a gap between our overall performance and expectations,\u201d said CEO William Li in a statement to Reuters. The chief executive added that investments that would not make a real difference to the company\u2019s financial performance within three years would also be given the axe.<\/p>\n<p>Nio released October delivery data on Wednesday showing that the EV company delivered 16,074 vehicles in the month, which was a 60% increase from a year ago but just a 3% gain from September. At just 126K deliveries so far in 2023, Nio is a long way away from its goal at the beginning of the year to deliver 250K vehicles.<\/p>\n<p>In mid-October, Nio said it was considering selling through a dealer network in Europe rather than its direct sales model. Reports emerged that the company was hiring extensively in Hungary, France, Switzerland, Austria and Italy.\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><!--FAQ CONTENT MODULE STARTS HERE--><\/p>\n<div data-cnt-module-topic=\"nio\" data-cnt-module-type=\"faq\" id=\"content-module-faq-nio\">\n<div class=\"fxs-content-module-wrapper\">\n<h2 class=\"fxs-content-module-title\">NIO FAQs<\/h2>\n<section class=\"fxs-content-module-section\">\n<p class=\"fxs-content-module-content\">Nio is a designer and manufacturer of electric vehicles based in Shanghai, China. Formerly known as NextEV, the company changed its name to Nio in 2017. Nio trades under the NIO symbol on the New York Stock Exchange (NYSE) and under the 9866 tag on the Hong Kong Stock Exchange. The company was incorporated in 2014 but went public on the NYSE in September 2020 with a $1.8 billion initial public offering. William (Bin) Li is the CEO of Nio, which he co-founded with President Lihong Qin, another Chinese business executive.<\/p>\n<\/section>\n<section class=\"fxs-content-module-section\">\n<p class=\"fxs-content-module-content\">The main difference with other major EV brands like Tesla is that Nio offers battery swapping technology in addition to normal charging options. These swap stations allow drivers to switch out their batteries for fully-charged, identical batteries in less than five minutes, which allows owners to drive long distances without needing to stop for an hour to recharge like most other EVs. At the end of 2022, Nio had 1,305 battery swap locations and built its first swap station in Norway in May 2022. The goal for the customer is to reduce range anxiety.<\/p>\n<\/section>\n<section class=\"fxs-content-module-section\">\n<p class=\"fxs-content-module-content\">Nio began its reign with the EP9 sport car back in 2016, and the vehicle is still being produced on a small scale. Since then, Nio has branched off into more mainstream fare. The ES8 was introduced in 2018. It is a full-size SUV with a range of 311 miles. The ES6 SUV dropped the following year and has a range of 379 miles. The smaller EC6 SUV arrived in 2020, and the ET5 and ET7 sedans were released in 2021 \u2013 the latter two with versions capable of achieving 621 miles of range. The ES7 and EC7 arrived in 2022 and 2023, respectively.<\/p>\n<\/section>\n<section class=\"fxs-content-module-section\">\n<p class=\"fxs-content-module-content\">Yes. While the vast majority of Chinese automakers focus wholly on the Chinese market, Nio began its foray into Europe in late 2021. After beginning in Norway, Nio began entering the German, Danish, Dutch and Swedish markets in 2022 with plans to expand throughout the rest of the decade. Although they are not yet sold in the US, Nio vehicles are being tested in California under that state\u2019s autonomous driving program.<\/p>\n<\/section>\n<\/div>\n<p><!--FAQ CONTENT MODULE ENDS HERE--><\/p>\n<h2 class=\"fxs_headline_medium\">Nio stock forecast<\/h2>\n<p>The market is happy that Nio is defining a new strategy, but Nio\u2019s layoffs may have little to do with it. Competitors XPeng (XPEV) and Li Auto (LI) have both seen their share prices advance on Friday despite not offering up major new policy changes. The more likely reason is that the equity market is excited about the employment data in the US and the falling Treasury yields. As the value of the US dollar recedes on the news, stock prices advance in compliment.\u00a0<\/p>\n<p>The more than 5% gain in Nio stock on Friday has a lot going for it. NIO stock only on Wednesday was resting at long-term support near the $7.30s. Its break higher late in the week has sent the share price above the 21-day Simple Moving Average (SMA).\u00a0<\/p>\n<p>Bulls now have their work cut out for them as the next area of resistance comes more than 10% higher at $9.20. That level served as a double top on September 29 and October 11. From there it\u2019s a straight shot to the resistance band ranging from $10 to $11.30. For this rally to continue, however, the 9-day SMA needs to break above its 21-day counterpart.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/NIO 3-11-23-638346279585394169.JPG\"><\/a><\/p>\n<p><small>NIO daily chart<\/small><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>&#8211;&gt;<\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Share: NIO gains\u00a06% higher on falling Treasury yields, soft NFP, cost savings plan. Nio CEO William Li says Nio will cut about 10% of its employees. Non-core investments will also be trimmed as EV company focuses on financial performance. US Nonfarm Payrolls fell to 150K in October, a print that all but ensures rate hikes [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":23222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[776,201,248,251,246,257,497,255,250,523,252,247,253,249,308,256,254,1170],"class_list":["post-187023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-automobiles","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-employment","tag-gta","tag-looks-rare","tag-newstrading","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-technical-analysis","tag-wallet","tag-wordpress","tag-yieldcurve"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/187023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=187023"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/187023\/revisions"}],"predecessor-version":[{"id":187025,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/187023\/revisions\/187025"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/23222"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=187023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=187023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=187023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}