Why Nio and QuantumScape Shares Soared, but Canoo Dropped This Week
It's been a week of big gains so far for some electric vehicle (EV) stocks. The stocks of battery manufacturer QuantumScape (NYSE: QS) and Chinese EV maker (NYSE: NIO) have been soaring. As of Thursday afternoon, QuantumScape and Nio shares were higher for the week by about 19% and 29%, respectively, according to data provided by S&P Global Market Intelligence.
There were some laggards in the sector as well, though. EV start-up Canoo's (NASDAQ: GOEV) stock was lower by 14% at that point.
Investors were rewarding some progress reported by QuantumScape this week. They also have renewed high hopes for Nio, with expectations of economic tailwinds, along with news of a surprise partnership between a Chinese EV peer and another global automaker.
Source Fool.com
NIO Inc. Stock
Our community is currently high on NIO Inc. with 3 Buy predictions and 0 Sell predictions.
With a target price of 5 € there is a positive potential of 33.55% for NIO Inc. compared to the current price of 3.74 €.
