Why Nio Shares Took Off Today
The shares of Chinese electric vehicle (EV) maker Nio (NYSE: NIO) soared 9% early Tuesday as it and other EV manufacturers have been releasing production and delivery updates over the past several days. Nio shares remained up by 7.4% for the day, as of 3:03 p.m. ET.
Nio led off a series of releases from automakers over the weekend with its third-quarter delivery data update. Nio delivered 10,878 EVs in September, making it tied for the second-highest month for deliveries behind the 12,961 delivered in June 2022. The company matched last month's deliveries in November 2021. But struggles that included supply chain constraints and COVID-19 lockdowns in China have impacted the company's production since last fall. Investors are happy to see the company getting back to that level of deliveries now, especially with new models just having recently launched.
Source Fool.com
