Why NIO Stock Dropped Then Bounced Today
In a trading chart that could mirror much of the past year, shares of Chinese electric-vehicle (EV) maker NIO (NYSE: NIO) dropped about 5% early Friday then bounced to a gain of almost 3% before paring that gain as of 3 p.m. EDT.
With anticipation of high growth for EVs in the largest global auto market, it doesn't take much news to move the Chinese EV stocks on U.S. exchanges. The only actual news today from NIO was setting the date for its first-quarter financial results. The company will report those results on Thursday, April 29 after the market closes. This report comes after NIO has announced production of its 100,000th vehicle earlier this month, which brought a congratulatory tweet from Elon Musk.
NIO battery swap station and charging station. Image source: NIO.
Source Fool.com
