NIONYSE: NIO

Europe on Thursday confirmed tariff increases on electric vehicles imported from China to the continent with automakers criticizing the move and warning it could lead to price increases. European regulators confirmed that these duties, which have been lightly tweaked to range from 17.4% to 37.6%, will come into effect on Friday.

Chinese brands MG and Nio suggested on Thursday they might raise prices of their cars in Europe later this year, following the European Union's decision to confirm tariffs on Chinese-imported EVs.

Chinese electric vehicle manufacturer Nio (NYSE: NIO ) enjoyed a strong outing in the market following a near doubling of vehicle deliveries last month. Adding to the positive sentiment, the broader EV sector has witnessed impressive results.

Chinese luxury electric vehicle maker Nio stock, has declined by about 47% year-to-date. This compares to rival Xpeng stock which is down by 29% over the same period.

Nio (NYSE: NIO) stock price has crashed hard after peaking at almost $67 in 2021. It has plunged by over 51% this year, bringing its valuation to over $8.6 billion.

NIO's stock rallied significantly yesterday after inspiring Q2 delivery numbers, which more than doubled. The company's financial performance suggests that management prioritizes growth at all costs, which is unsustainable and harmful to shareholders in the long term. Valuation analysis suggests NIO's stock is overvalued, fair share price estimated at $1.36.

Geely-owned Zeekr delivered 20,106 cars last month, bringing year-to-date deliveries to 87,870 vehicles. That's slightly more than Nio's 87,426 deliveries for the first six months of 2024.

Nio's (NIO) American Depositary Receipts (ADRs) jumped Monday after the Chinese electric vehicle (EV) maker reported a second-straight month of record deliveries.

Though the electric vehicle (EV) industry has been struggling for more than 12 months, 2024 has generally been recognized as a particularly dire period of the so-called ‘EV winter.'