The Nio share price is showcasing some recovery this Tuesday, following yesterday’s slump in the US markets that also affected EV stocks.
The Nio share price is up 2.07% on the day. On Friday, the company said it had set a new monthly record after it delivered 10,628 vehicles in September 2021. The number represented a 126% growth on an annualized basis. Total 3rd quarter deliveries came to nearly 25,000.
The company is stepping up its push to become the top EV maker, tapping two senior designers to join its design department. Jaguar interior designer Alister Whelan, who designed the I-Pace, F-Pace and F-Type cockpits, joins the company after a long stint at Jaguar. Joaquin Garcia comes with experience working for top brands such as Ford, Renault, Skoda and Cupra.
The Nio share price could be on its way to recovery, after semiconductor shortages severely impacted EV production and investor sentiment.
The bulls need to drive the price above the 34.64 and 35.91 resistance barriers to allow for a price break from the falling wedge on the daily chart. A successful breakout clears the path for a measured move to target the 41.31 resistance. This move must take out the barrier at 39.33 to come to fruition.
This expectation is only negated if the price achieves a 3% closing penetration below 32.50. This scenario would complete the breakdown of 32.50 and clear the pathway towards 30.68 (13 May low).
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