Nio shares sputter as competition squeezes Chinese EV sales

Chinese EV maker Nio is trading down more than 8% on Monday afternoon as intense competition squeezes the country’s electrified vehicle market.

On Friday, Nio reported that it sold 21,017 vehicles in July, down 15.7% from June (though up slightly year over year). Rivals including BYD and Li Auto also posted month-over-month drops.

Nio launched its Onvo L90 electric SUV — priced below Tesla’s Model Y, which is China’s bestselling SUV — on July 31. According to the business blog EV, demand for the vehicle exceeded internal expectations, causing “multiple backend system crashes,” Nio said on Sunday in a post on Chinese social media app Xiaohongshu. The automaker said it’s prepared 20,000 L90 SUVs for immediate ordering.

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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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Meta surges on report it’s starting a cloud business to sell excess AI compute

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