Why NIO Stock Accelerated in June
Chinese electric vehicle manufacturer NIO (NYSE: NIO) was in the fast lane in June, climbing 37.8% for the month, according to data provided by S&P Global Market Intelligence. The company is still in early days but is showing encouraging signs of growth, and investors have taken notice.
NIO is sometimes called "the Tesla of China" due to its charismatic CEO, loyal following, and focus on high-end vehicles, and increasingly the company is showing progress that backs up that title. The company early in the month announced its manufacturing partner has begun construction of a second factory near the industrial city of Hefei, which when finished will increase NIO's production capability to about 20,000 vehicles per month.
Image source: NIO.
Source Fool.com
