Stock Market Today, Sept. 29: Nio Slides on Geely's 30% Stake Purchase in Battery Swap Business
Today, Sept. 29, 2026, the battery-swap partnership restructuring weighed on the premium EV maker as traders reassessed profitability ahead of Q3 earnings.
Overview
Nio (NYSE:NIO), a premium smart electric vehicle (EV) maker, closed at $3.40, down 5.29%. Tuesday's slide followed reports tying pressure to Geely's (OTC:GELYF) purchased stake in Nio Power, and investors are watching November's Q3 results for margin progress.
Trading volume reached 53.8 million shares, coming in about 78% above its three-month average of 30.2 million shares. Nio IPO'd in 2018 and has fallen 48% since going public.
The S&P 500 (SNPINDEX:^GSPC) closed at 7,670, down 0.18%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) closed at 26,798, down 0.09%. Among China-based battery-electric vehicle peers, Li Auto (NASDAQ:LI) closed at $11.23, down 4.10%, and XPeng (NYSE:XPEV) closed at $9.47, down 4.82%; the weakness among peers echoed pressure across automobile manufacturers focused on battery-electric vehicles and the mobility services group.
Details
At first glance, Geely's interest in Nio's leading battery swap technology business, Nio Power, seems like a vote of confidence. Geely is the majority owner of Volvo (OTC:VLVLY) Cars and the parent company of EV maker Polestar (NASDAQ:PSNY).
Source
Originally published at www.fool.com.