NYSE:NIO saw its recent win streak snapped on Friday as the EV sector failed to continue on with its hot streak. Shares of NIO fell by 1.92% and the stock closed the trading week at $42.29. It was still a strong week for the popular Chinese EV maker, as Nio managed to climb higher by 11% over the past five sessions. This is a key time of the year for Nio, as the company seems somewhat fragile coming off a disappointing October delivery report. Nio is also set to report its third quarter earnings next week on November 9th. 

Just a day after Deutsche Bank analysts reiterated their buy rating for Nio’s stock and provided a bullish $70 price target, the investment firm filed its Form 13F for the quarter, disclosing an even larger stake. Deutsche Bank was already a major investor in Nio, but last quarter the German bank added nearly 1.3 million more shares. This brings Deutsche Bank’s total position up to 7.136 million shares worth an estimated $311 million. Obviously Deutsche Bank’s price target makes more sense now that we are able to see how large of a position the company holds. 

NIO stock price

While it hasn’t made any plans to debut its vehicles in China as of yet, Lucid Group (Nasdaq: LCID) is turning heads all over the EV market. On Friday, shares of the newly public electric vehicle company surged by 12.61% as Motortrend released a stunning review of the new sedans. Nio is one of China’s main luxury EV makers, and the potential of this new rival has some Nio investors looking over their shoulders.