Nio (NYSE: NIO) shares reversed a recent slide today, jumping as much as 11% this morning. The stock pared some of those gains, but remained 7.7% higher as of 1:15 p.m. ET.
Nio shares have been under pressure this week as uncertainty has grown regarding potential lockdowns in China to curb a new wave of COVID-19 infections. This includes in Anhui Province, where Nio's production facilities reside. But shares got a boost today for another reason. The Chinese government looks to be renewing its support for new-energy vehicles, which includes battery-electric and plug-in hybrid vehicles.
Today, the Chinese Ministry of Commerce issued an announcement supporting automakers and the sale of both new and used vehicles. The notice also indicated that subsidies for new-energy vehicles will be extended, according to Barron's.
Source Fool.com