Why Is NIO Stock Up Today?

  • Nio (NIO) stock is climbing higher alongside other Chinese electric vehicle (EV) stocks today.
  • This comes as the stocks recover from a fall on Wednesday.
  • Earnings news from Tesla (TSLA) may also explain some of the movement.
NIO Stock - Why Is NIO Stock Up Today?

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Nio (NYSE:NIO) stock is rising higher on Thursday as the Chinese electric vehicle (EV) stock rallied alongside others in the sector.

Investors will note that NIO shares gaining today comes as the company’s stock fell on Wednesday. Yet again, that drop yesterday affected more than just NIO as several other Chinese EV stocks slipped.

The news hitting those stocks yesterday included China moving forward with its Zero Covid policy. It looks like the positive movement today is partially due to shares bouncing back from that news.

Tesla News Might Also Be Lifting NIO Stock

Investors will also note that Tesla (NASDAQ:TSLA) released its earnings report for the third quarter of 2023 today. This saw it miss revenue estimates while also warning about delivery problems in the fourth quarter due to supply chain issues.

While this news is dragging down other U.S. EV stocks, Chinese ones aren’t suffering. It could be that investors are betting more on Chinese EV stocks following today’s news.

As far as trading volume goes today, some 26 million shares of NIO stock have changed hands as of this writing. To put that in perspective, the company’s daily average trading volume is around 44 million shares.

NIO stock is up 2.2% as of Thursday morning but is still down 66.7% since the start of the year.

Investors looking for more of the latest stock market news are in luck!

We’ve got them covered with our dives into the biggest stock stories for Thursday! That includes what’s going on with shares of Mullen Automotive (NASDAQ:MULN), Philip Morris (NYSE:PM), and Indonesia Energy (NYSEMKT:INDO) stock today. You can catch up on all of that news at the following links!

More Stock Market News for Thursday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/10/why-is-nio-stock-up-today/.

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