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Nine stocks retreat after Citigroup downgrades Tesla competition issues



Shares in Nio Inc. NIO,
+ 6.42%
fell 1.0% in pre-market trading on Tuesday and retreated slightly after the back-to-back record closed after Citigroup analyst Jeff Chung returned from his bullish stance on the China-based electric car maker, reference to competition concerns from Tesla Inc.
-7.82%.
Also under pressure on the stock, Nio said late on Monday that it offered $ 1

.3 billion in convertible debt, which can be converted after August 1, 2025 into shares or cash. Nio’s stock closed after records the last two sessions as investors cheered for the unveiling over the weekend of the company’s ET7 luxury sedan. “ET7 is good, but not enough to make critical changes to Tesla’s challenge,” Chung wrote in a note to clients. He estimates that ET7 will only record “limited incremental sales” of 3,000 to 4,000 units per year. Month from the first quarter of 2022 and is likely to be challenged by a Tesla Model-S “facelift” in the future. Tesla’s stock rose 2.9% ahead of Tuesday’s open after the stock fell 7.8% on Monday to snatch a record 11-day gain. Over the past three months, Nios shares have risen 187.0% and Tesla shares have risen 83.4%, while the S&P 500 SPX,
-0.66%
has received 7.5%.


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