Why Nio Shares Are More Than 15% Higher This Week
Shares of Chinese electric vehicle (EV) maker Nio (NYSE: NIO) have bounced off multiyear lows this week in a big way. The stock is on track to rise by double digits. As of Friday afternoon, shares were about 16% higher for the week, according to data provided by S&P Global Market Intelligence.
The rise in Nio shares was a bounce off the bottom for both micro and macro reasons, and likely also from some hopeful optimism heading into this weekend. Nio is about to announce its first-quarter delivery data, and investors hope it surpasses its prior, seemingly conservative guidance.
There are also macro issues that helped push Chinese stocks higher this week. Nio likely is riding those tailwinds as well.
Source Fool.com
