Why NIO Stock Crushed the Market on Tuesday

Many stocks have had a real up-and-down 2020. China-based electric vehicle (EV) maker NIO (NYSE: NIO) is not one of them. In the latest of many daily pops, the company's shares zoomed 6.5% higher on Tuesday, although this was due more to speculation than to fact.

Numerous media outlets are reporting that NIO is firming up plans to enter the European market in 2021. One such report, published in Chinese car industry tracker Gasgoo, stated that the company has already set up the business unit to spearhead that effort. Some rumors have it that NIO's European team will initially be headquartered in Copenhagen, Denmark.

Image source: NIO.

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Source Fool.com