Is This Why Nio Stock Is Rising Today?

Shares of Chinese electric-vehicle maker Nio (NYSE: NIO) were trading higher on Thursday, after a German trade publication reported that Nio has hired a Volvo Car executive to manage its entry into the German auto market. 

As of 1:30 p.m. ET, Nio's American depositary shares were up about 5.8% from Wednesday's closing price.

German auto-industry trade publication kfz-betrieb reported on Thursday that Ralph Kranz, currently director of commercial operations for Volvo's sales organization in Germany, will leave Volvo to take charge of Nio's efforts in Germany as of March 1.

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Source Fool.com