NIO stock price reversed its Monday gains on Tuesday. At the time of writing, the stock of the Chinese EV maker was down 4.1% for the day as the FOMC minutes revealed the Fed’s commitment to keep the rates high.
The Nasdaq 100 index and the S&P 500 index slid 107 and 10 points, respectively, as the dollar strength index showed a dead cat bounce. Side by side, NIO shares also plummeted to their fresh weekly lows as the EV stocks experienced strong selling pressure.
In one of the latest developments, NIO and Changan Automobile have entered into a collaboration for battery swapping in Chongqing, China. Both EV firms will establish standards for interchangeable batteries through this partnership.
NIO stock price forecast of $2.5 could be on the cards if the stock gains acceptance below its current range lows of $7.30. Therefore, bulls need to hold this support level to avoid a bearish continuation.
