Nio (NYSE:NIO) has pulled back sharply over the past four months, dropping from its year-to-date high of $7 to its current price of $4.37.
Shares recently broke below the key $4.45 support level, and traders are now watching closely as earnings approach. Adding to the intrigue, the stock has also carved out a bullish falling wedge pattern heading into the report.
Nio Earnings Report to Show Strong Revenue Growth
Nio, a top company in the electric vehicle industry, has become one of the fastest-growers in China, helped by its recent launches. Its recent delivery metrics showed that it delivered 35,934 vehicles in July, up by 71% from a year earlier. It has delivered over 227,057 vehicles since January, a 68% annual increase.
Nio has benefited from having three brands that target different customers. Its NIO brand sold 20,008 vehicles in July, while ONVO and FIREFLY sold 10,155 and 5,771 vehicles, respectively.
