Why NIO Stock Is Higher Today
Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) were moving higher on Wednesday, as buyers looking ahead to the company's earnings report next week moved in after Tuesday's sectorwide sell-off.
As of 1:15 p.m. EST, NIO's American depositary shares were up about 4.7% from Tuesday's closing price.
NIO's stock was one of many electric-vehicle stocks rebounding to varying degrees on Wednesday. The group sold off sharply early on Tuesday, as investor concerns about rising U.S. interest rates hit more speculative stocks hard. Electric-vehicle stocks faced extra pressure following a sharp decline in shares of category leader Tesla (NASDAQ: TSLA).
Source Fool.com
