Why Nio Shares Jumped Double Digits This Week
Shares of Nio (NYSE: NIO) continued to bounce from 52-week lows this week. Heading into Friday's trading session, the Chinese electric vehicle (EV) maker's stock was nearly 14% higher for the week, according to data provided by S&P Global Market Intelligence.
Nio reported its May 2022 delivery data Wednesday, and the numbers were somewhat disappointing. But some headwinds may be in the rearview mirror now that Chinese cities including Shanghai are reopening after being locked down to stem a new wave of COVID-19 cases. Those lockdowns stymied some production for many Chinese automakers as parts suppliers halted operations. But things should start improving from here, and investors jumped into the stock this week in anticipation.
Image source: Nio.
Source Fool.com
