Nio Stock Gets Jolt on Tencent Self-Driving Tech Partnership

The deal will help Nio capitalize on interest surrounding so-called new energy cars

Digital Content Manager
Nov 29, 2022 at 9:59 AM
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Chinese electric vehicle (EV) giant Nio Inc - ADR (NYSE:NIO) announced earlier that it would partner with tech name Tencent -- also based in China -- to create self-driving and high-definition mapping technology. The partnership will allow Nio to capitalize on the interest surrounding "new energy cars" in Beijing and give Tencent an opportunity to broaden its already wide-reach into China's tech businesses. 

NIO is rising after the news, last seen up 3.9% at $10.51. The U.S.-listed equity took most of yesterday's China-based headwinds, actually trading higher at one point before settling with a slight loss. The equity still has plenty of technical obstacles to overcome, however, including its 30-day moving average. Year-to-date, NIO has lost 68%. 

When we last checked in on NIO, the stock was surging on upbeat third-quarter delivery numbers. since its mid-November earnings report, however, several analysts have slashed their price targets. The 12-month consensus price target now sits at $20.29, which is still roughly double Nio stock's current perch. 

Short-term options traders, meanwhile, have rarely been more call-biased. This is per NIO's Schaeffer's put/call open interest ratio of 0.30, which stands higher than 1% of readings from the past year. Plus, the top six open interest positions on NIO are all puts. 

 

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