Why Is Everyone Talking About Nio Stock?

Earlier this year, investors started jumping on the electric vehicle (EV) bandwagon and bid up Nio (NYSE: NIO) shares to a valuation of almost $100 billion. Apparently, many of these investors were likely hoping they were buying in on a Chinese version of Tesla (NASDAQ: TSLA).

Tesla already has two EV-focused manufacturing plants operational (including one in Shanghai, China) and two more not far away from start-up. Tesla has already produced more than 625,000 vehicles in 2021, well on its way to substantially exceeding its original guidance of 750,000 for the year (based on 50% year-over-year growth estimates). Tesla's stock price has been regularly hitting new all-time highs in the past month.

Nio customer checking out ES8 electric SUV in Norway. Image source: Nio.

Source Fool.com