NIO plans to release three new car models this year, two of which are already in development. Production of the large ET7 sedan will begin in mid-March. The second new model, the ET5 sedan, is scheduled for release this fall. Despite such grandiose plans, the stock of NIO, one of the well-known Chinese manufacturers of smart electric cars, dropped 4% during trading on January 27 to $21.9. The five-day chart shows a price decrease of $7. However, NIO isn’t the only one to drop on Thursday. Lucid Group (LCID) Rivian Automotive (RIVN) plunged about 8% and 9% respectively.
Electric vehicle manufacturing section leader Tesla cut its 2022 forecasts since the company struggles with supply chain shortfalls. It also stopped working on a $25,000 model. This affected the price of other similar companies. In addition, the possibility of rising interest rates and the tense situation between Ukraine and Russia also influenced. It’s worth noting that none of the above companies have published news that would negatively affect the price recently.