Why Nio Stock Blasted Higher Today

Electric vehicle stock Nio (NYSE: NIO) rebounded sharply on Tuesday, surging 6.3% as of 12:15 p.m. ET. The broader market rebound, ever-rising demand for new energy vehicle (NEV) sales in China, the U.S. Environmental Protection Agency's (EPA) latest greenhouse gas emission standards that hugely favor EVs, and Nio's own growth plans are just some of the factors that sent the EV stock flying.

Nio stock sank Monday morning as fears of rising omicron coronavirus variant cases gripped the market. Investors wanting to cash in on the EV boom seemed to have found multiple reasons to buy Nio shares today.

To start, sales of NEVs, which include battery-electric, plug-in hybrid, and fuel-cell electric vehicles, continue to rocket in China -- they jumped 122% year over year in the month of November. Between January and November, NEV sales grew 178% year over year to 2.51 million units. Nio is among the top EV manufacturers in China, also the world's largest EV market, and just wrapped up its annual day event where it outlined growth plans.

Source Fool.com