Why NIO Stock Has Been Electric This Week
Shares of Chinese electric vehicle (EV) maker NIO (NYSE: NIO) were up more than 20% this week before reversing course late Thursday. The stock still looks to end the week up double digits, as NIO's vehicle deliveries set records in June and the second quarter.
A stock market rotation away from high-growth names like EV makers, and into value and cyclical companies, started to reverse in recent weeks, bringing stocks like NIO back from recent lows. In addition to general market sentiment this week, there was a positive note from a Citibank analyst as well as strong delivery numbers from the automaker. This comes as the company gets ready to introduce its first luxury sedan early next year. It is also preparing to sell into its first market outside of China as it sets up its business in Norway.
NIO ES8 electric SUV. Image source: NIO.
Source Fool.com