Why Nio Shares Dropped Then Recovered Today
Nio (NYSE: NIO) shares jumped yesterday after the Chinese electric vehicle (EV) maker reported its July delivery numbers. But those gains reversed this morning after reports that one of its rivals may be teaming up with a well-known company to advance its autonomous driving technology. Nio shares dropped almost 3% on that news. But the stock subsequently recovered and was up 0.7% as of 2:50 p.m. ET.
This morning's drop came after CNBC reported that Nio rival XPeng was teaming up with e-commerce giant Alibaba to advance technology for self-driving vehicles. The report said the two Chinese companies plan to open a computing center to develop and train software for driverless cars. XPeng will use technology from Alibaba's cloud segment for the project.
Source Fool.com
