Why Nio Stock Rallied 24.9% in June and Could Jump Higher
The stock markets tumbled and a short-seller slammed Nio (NYSE: NIO) for fudging its numbers last month, but the electric vehicle (EV) stock still ended June with solid 24.9% gains, according to data provided by S&P Global Market Intelligence.
A new product launch and big plans for the near future helped the stock bottom after its steep fall this year through May, and Nio stock has sustained its momentum in July so far.
Nio put to rest investors' fears about decelerating growth when it released its delivery numbers for May on the first day of June. Although Nio's deliveries rose only 5% year over year, they were up 38% sequentially, confirming a rebound in production after the company had to suspend operations amid COVID-19 lockdowns in China. Nio also sold 1,707 units of its flagship sedan, ET7, in May -- a car the company first delivered on March 28.
Source Fool.com
