Nio Inc (NYSE:NIO) is all set to report its third quarter 2022 unaudited financial results on Thursday, November 10, 2022, before the open of the U.S. markets.
NIO was widely touted as the TSLA for China. However, the recent price action does not justify so. NIO is down more than 70% YTD and is currently trading at $9.84. The recent dip can also be attributed to Barclays analyst Jiong Shao who slashed Nio stock’s price target to $19 a share. That’s a dramatic U-turn, as the analyst had awarded Nio stock a price target of $34 a share earlier this year on the back of bullishness about China’s EV market.
Some of the other Chinese EV stocks to keep an eye include Xpeng (NYSE:XPEV) and Li Auto (NASDAQ:LI).
One lithium mining company that we would like to draw your attention to is Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF) (FRA: 2JS).
On October 28th, Spey Resources Corp (OTC:SPEYF) announced that the Chemical Engineering Department at the University of Melbourne, Australia has successfully produced lithium carbonate from lithium chloride extracted from the Company’s brines in Incahuasi Salar at the Candela II Project using the Ekosolve™ process. Spey has acquired the first Ekosolve production licence, which prioritizes the Company to be the first client to commission Ekosolve to complete the construction proposal, preliminary and plant engineering and manufacturing of the plant at Incahuasi. EkoSolve has issued seven other licences to date and will progressively commence engineering after Spey engineering is completed.
As per the press release, Phil Thomas, CEO of the Company, said “we are delighted to achieve these results. This not only proves the validity of the Ekosolve™ process for Incahuasi brines, but also the fast-processing time using columns. Ekosolve Ltd. is planning to build a 100 tonne mini plant in Salta and the Company is in active discussions with Ekosolve Ltd. regarding a potential joint venture opportunity.”
Is it time to buy the dip in SPEYF?
Let’s take a look at the 3-month chart on SPEYF. The stock prices have surged from 0.04-0.06 cents to all the way just shy of 30 cents suggesting increase interest from traders and investors in the company. SPEYF is currently trading at 17 cents and with all the recent development taking place at the company, SPEYF could pick up.