"I think Goldman Sachs tells the tale perfectly here: they upgraded Nio from neutral to buy in early June when it was trading at $4, then downgraded it to neutral at $6, then slapped a sell on the stock after it broke out to the teens." The company is a long way from profitability, Cramer noted. Nio's stock price topped out when it closed near $15 in July and has since pulled back 9% to $13.64 Tuesday. The stock, trading near $2 earlier this year, from March through July rode the Tesla wave as Tesla shares surged 354% to a peak close. Nio, which some call the "Chinese Tesla," entered public markets nearly two years ago. They don't have any products to sell yet." "Now, the company just reported tonight and the stock got hammered in after-hours trading. "In other words, most of the value here is in the idea, the concept, and that simply can't justify a $25 billion valuation, where Nikola was not long ago … or even a $14 billion valuation where it is right now," he said. The company plans to put an electric truck on the market next year with another to come in 2023.Ĭramer said the stock is a "victim of its own success." Nikola, a battery-electric and hydrogen-powered truck manufacturer that came public via an SPAC two months ago, saw its shares more than double to peak near $80 in early June and flutter below $39 as of Tuesday. However, many of these speculative EV plays have no business to show for and justify their valuations, he said. Shares of the electric-auto maker are up more than 255% this year, settling Tuesday at $1,487. Investors have thrown money into EV start-ups to get exposure to the market with companies like Nikola, Nio, Li Auto, Tortoise Acquisition, Spartan Energy Acquisition and DiamondPeak, a special purpose acquisition company whose shares spiked nearly 27% since news broke Monday that it would acquire Lordstown Motors in a reverse takeover.Ĭramer, a once long-time skeptic of Tesla who got behind the stock late last year, said investors are trying to get in on what they think could be the next Tesla. The electric vehicle, or EV, market is an emerging segment of the auto industry powered by the growing consumer interest in more eco-friendly products. The International Energy Agency projects that the EV adoption will reach 125 million cars by 2030.
"We keep seeing more and more of them come public, often via reverse mergers with special purpose acquisition vehicles," known as SPACs, "and after some big moves higher, their stocks have started to implode." Thus, there is no support for multibyte character encodings, such as unicode encodings."I think the rest of the electric vehicle space looks like a boom, and then more like a bubble, one that's already started to burst," the " Mad Money" host said. Only the first character of each string is used.Īll of the StringTools package commands treat strings as (null-terminated) sequences of 8 -bit (ASCII) characters. Note: The strings in stringList are all assumed to have length equal to one (whether this is, in fact, true or not).
StringList → cat " ", seq s 1, s = stringList Otherwise, the catenation of the one-character strings in stringList is returned. If stringList is empty, then the empty string is returned. The Implode(stringList) function is the inverse of the Explode(s) function. Each string in the returned list has length equal to one (i.e., each string in the list is a single character string). Otherwise, the list consisting of the characters comprising s, in order, is returned. If s is empty, then an empty list is returned. The Explode(s) function converts string s into a list of its individual characters.
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