Nio (NIO.US) announced that it is forced to temporarily halt electric vehicle production at its plant in Hefei, China, due to the worldwide shortage of semiconductors. Chinese electric vehicle maker said suspension will begin Monday and will last for five working days. Nio now expects to deliver 19,500 vehicles in the first quarter, compared with the 20,000 to 20,500 vehicles it had previously expected.
Nio (NIO.US) stock launched today's session with a bearish price gap and is currently testing major support at $ 34.75. Should a break lower occur, then downward move may be extended to the $29.50 handle or even $25.25 support. On the other hand, if buyers will manage to halt declines here then upward impulse towards downward trendline could be launched. Source: xStation5
