Why NIO Stock Is Higher Today
Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) were trading higher on Wednesday, following a sales report that demonstrated continued strong demand for NIO's upscale electric SUVs.
As of 1:30 p.m. EST, NIO's American depositary shares were up about 4.6% from Tuesday's closing price.
NIO reported its January deliveries on Monday, and they were strong -- despite new competition from Tesla's (NASDAQ: TSLA) made-in-China Model Y. NIO said that it delivered 7,225 of its sleek electric SUVs in January, a monthly record for the company that follows efforts to boost production amid strong demand.
Source Fool.com
