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Why Nio Stock Continued to Soar Friday

TheMotleyFool

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Shares of China-based EV maker Nio (NYSE: NIO) have had a good week and an even better month. Nio American depositary shares (ADSs) are up more than 38% over the past month. That includes another big day today, with shares 5% higher as of 12:19 p.m. ET.

Today's jump represents continued bullish sentiment after the company announced the launch of its ES7 SUV this week. Nio has had a string of progress on new vehicles recently. It began deliveries of its flagship smart luxury sedan just over a month ago. The company delivered more than 1,700 ET7s in May, out of the 7,024 total vehicle shipments. The midsize ET5 sedan is scheduled to begin shipments later this year, and the company announced a new SUV this week as well.

Source Fool.com

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