Why Nio Stock Is Bouncing Back Today
After sinking lower over the past couple of trading days, Nio (NYSE: NIO) stock regained some ground this morning and was trading up 3.3% as of 12:20 p.m. ET.
A mix of macro and company-specific news is sending shares of the China-based electric vehicle (EV) manufacturer higher today. Specifically, Nio is trying to gain a foothold in parts of China often ignored by other EV makers -- even as the nation tries to rethink its COVID-19 policies and allow auto companies to resume production. Both developments are important for Nio.
Nio shares plunged last week after the company suspended production amid lockdowns in China just days after postponing the launch of its ES7 SUV by a month.
Source Fool.com