Why NIO Stock Is Higher Today
Shares of NIO (NYSE: NIO) were moving higher on Monday after the Chinese electric-vehicle maker said that its manufacturing partner had agreed to double its production capacity to build up to 240,000 NIOs per year.
As of 1:15 p.m. EDT, NIO's American depositary shares were up about 5.7% from Friday's closing price.
Some background: NIO doesn't own a factory; its vehicles are manufactured under contract by a joint venture with government-owned automaker Jianghuai Automobile Group, or JAC, in a JAC-owned factory in the industrial city of Hefei, near NIO's headquarters.
Source Fool.com
