Crypto currency

NIO Stock Price and News: Chinese EV stocks fall as government tightens data protection laws

  • NYSE:NIO fell by 0.55% on Friday, despite the broader markets hitting new all-time highs.
  • The Chinese Government implements new data protection laws that affect EV Makers.
  • XPeng President is confident that EV Makers will not be negatively affected. 

NYSE:NIO fell once again on Friday and lagged the broader markets and EV Sector. Shares of NIO are still up by 1.63% during the past week, but down nearly 10% during the past month. On Friday, Nio dipped by a further 0.55% and closed the trading week at $38.05. Federal Reserve Chairman Jerome Powell reiterated his position on soft tapering to potentially begin at the end of 2021. The news sat well with investors and growth and tech stocks soared during the session, as the NASDAQ hit a new all-time high after gaining 1.23% to close the week. 

Stay up to speed with hot stocks’ news!

The Chinese government crackdown on tech companies continued as it takes a stricter stance on the usage of personal data. Things reached a boiling point when ride-hailing giant Didi (NYSE:DIDI) had its IPO on Wall Street earlier this year. Since then, Beijing has been on a rampage that has seen powerful tech companies like AliBaba (NYSE:BABA) and Tecnent (TCEHY) lose billions of dollars in market cap during one of the worst stock corrections in ADR history. 

NIO stock forecast

The President of Nio rival XPeng (NYSE:XPEV) is confident that EV Makers are actually supported by the government. Brian Gu stated that Chinese automakers are actually ‘on the right side of regulation’ as the CCP identifies the industry as critical infrastructure. Indeed, both Nio and XPeng received heavy rounds of investment from the local governments, so it shouldn’t be surprising that the EV industry is left out of the CCP’s crosshairs. 

Like this article? Help us with some feedback by answering this survey:

Most Related Links :
Business News Governmental News Finance News

Source link

Back to top button