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Why Nio Shares Jumped Monday

TheMotleyFool

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The electric vehicle sector is in focus for investors today, and that has the American depositary shares of Chinese EV maker Nio (NYSE: NIO) surging. As of 11:50 a.m. EDT, Nio shares were at session highs up almost 5%.

Over the weekend, Chinese competitor XPeng made some announcements about its autonomous technology that got investors excited. Investors have pushed XPeng shares more than 10% higher on the news. And Tesla also had several items of good news Monday morning that has its shares moving higher. Nio hasn't come out with any specific announcements, but seems to be moving in sympathy today as investors feel it has similar prospects to its peers.

Nio ET7 showing aerodynamics. Image source: Nio.

Source Fool.com

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