EV maker Nio falls as its weekly registrations come in lower and Citigroup trims its holding

Shares of Chinese EV maker Nio are down more than 7% on Tuesday morning amid stiff electric vehicle competition in the country.

Weekly vehicle registrations for Nio’s three brands — Nio, Onvo, and Firefly — all dropped by double digits in China between August 4 and August 10. The steepest drop came from the company’s main brand, which fell more than 37% from the week prior to 2,160 vehicles. Nio sales were down nearly 16% month over month in July.

Citigroup, Nio’s seventh-largest institutional investor, revealed that it reduced its stake in the company by about 6.5% in the second quarter. The firm had massively hiked its holding (by 400%) in the first quarter.

Nio launched its Onvo L90 electric SUV with pricing starting around $27,000 — well below Tesla’s Model Y — on July 31.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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