- The stock price of Nio Inc (NYSE: NIO) increased 5.89% today. This is why it happened.
The stock price of Nio Inc (NYSE: NIO) increased 5.89% today, going from a previous close of $44.17 to $46.77. Investors appear to be responding to a series of positive reports about NIO this week.
For example, there are reports that NIO, Xpeng, and Li Auto are unlikely going to be the target of China’s cybersecurity reviews. Edison Yu, an analyst at Deutsche Bank, noted that the market shares of these companies are miniscule. The cybersecurity reviews appear to be targeting companies that they feel stifles competition. And the electric vehicle companies have been setting up localized data centers for processing smart features.
Another reason why the stock price potentially increased is due to the company announcing a new set of milestones. “Here’s to NIO’s continued growth! We’re currently at 25 NIO Houses, 308 Power Swap Stations, and 234 NIO Spaces! #AlwaysForward,” wrote NIO in at tweet.
And NIO Day — which is scheduled for July 23 — is expected to feature some major announcements from the company. According to patent image leaks, it is believed that NIO will be launching a roadster version of the EP9 electric hypercar.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.