Why NIO Stock Continued Its Run on Thursday
Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) closed higher again on Thursday, after a Chinese business media outlet reported that the company may be close to a securing a hefty line of credit.
NIO's American depositary shares ended Thursday's session at $14.63, up 13.6% from Wednesday's closing price. The shares have risen about 88% since the beginning of July.
NIO's shares are still running on the momentum of last week's upbeat sales report. After a dismal first quarter amid China's coronavirus shutdown, NIO recovered -- and then some -- in the second: Sales were up over 190%, as last year's investments in an expanded store network began to pay off for the company.
Source Fool.com
