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These past days NIO has been making a nice comeback and we are almost at the point of BEING POSITIVE ON THE WEEK. Along with investors finally starting to see the bigger picture when it comes to NIO THERE IS ONE BIT OF NEWS regarding ROBOTAXIS THAT HAS GONE QUITE OVERLOOKED. Let’s talk about this and understand just why this is A VERY BIG DEAL FOR NIO. Lastly I will talk about what I am doing with MY NIO SHARES THIS WEEK so make sure to watch to the end.
So looking at the stock chart for NIO we can see that this week started out very bad with us even going down to below 40 dollars at one point but now we have recovered 12% from those level, being up around 2.7% to 44.67 dollars! Like I always say, let these movements be a lesson that this STOCK IS VERY VOLATILE and that you should never sell off just because it is going down.
IN FACT, IF YOU HAVE DONE YOUR RESEARCH and if you are bullish on NIO as a company, DOING THE OPPOSITE AND BUYING MORE shares at cheaper prices would make a lot more sense. From a pure technical standpoint it is very important in the short term for us to break the 45 dollar level resistance. That would likely lead to a breakout where NIO could return to the 50 dollar levels REAL FAST.
But really, I try not to think about these short term movements too much and focus on the company instead. And that takes us RIGHT to the BIG NEWS of today. We all know these electric vehicle companies are working on their autonomous, autopilot technology, most notably Tesla is the name that comes to mind when they hear the word AUTOPILOT. But I don’t think people realize just how far NIO has come when it comes to this and some might even say that they are AHEAD OF TESLA IN THIS SINGLE ASPECT OF AUTONOMOUS TECHNOLOGY.
Recently, the Beijing city government announced that the city will allow firms to test their Robotaxi service within the city. Despite multiple cities giving the green light to Robotaxis, Beijing will become the first city in China to have detailed legislation regarding insurance and coverage, making Beijing the front runner to have a fully functional Robotaxi fleet in China. The plan is to have these taxis available for the 2022 Winter Olympics, WHICH IS VERY SOON guys and any company that is working on this will certainly be VERY FAR AHEAD when it comes to autonomous technology.
And guess what, ONE OF THESE COMPANIES IS IN FACT NIO. They are partnering up with Mobileye to develop self-driving vehicles for the Chinese market and other countries.
The agreement, as reported by Reuters, will see Nio manufacture a self-driving system designed by Mobileye, Intel’s autonomous driving technology firm. This system will be integrated into future models from Nio as well as Mobileye’s autonomous ride-hailing services. It is understood that Nio will develop the electric vehicles that will be deployed by Mobileye as robotaxis.
No financial details about the partnership have been announced. BUT GUYS, IN an interview with Reuters, Mobileye president and chief executive Amnon Shashua said the two companies are planning for an initial release in China starting in 2022.