Shares of the Chinese electric vehicle maker Nio (NYSE: NIO) made gains in early trading this morning, likely as investors processed the news that another EV maker -- Lucid Group -- said that it would meet its vehicle production goal for the year. 

The EV stock was up by as much as 4.9% this morning. Unfortunately, the move didn't last after investors processed the latest inflation data, which showed that wholesale prices continue to rise. Investors are worried that rising inflation means the Federal Reserve will continue hiking interest rates. 

As a result, Nio's shares were down by 1.9% as of 10:59 a.m. ET.  

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Source Fool.com