Why Nio Stock Is Rebounding After an Early Morning Crash
Shares of Nio (NYSE: NIO) tumbled nearly 5.5% within minutes of the market's opening today before regaining ground. As of 1 p.m. ET Thursday, the electric vehicle (EV) stock had bounced back sharply and was in the green.
There was a lot more to the stock's fall today than just updates from China, but investors aren't shying away from betting on the EV stock at current prices.
COVID-19 cases in China have surged to levels not seen since April, according to a Reuters report this morning. Guangzhou, one of China's largest manufacturing hubs, is even setting up big makeshift hospitals and quarantine facilities.
Source Fool.com