Why NIO Stock Is Up Sharply Today
Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) were up on Tuesday, on signs of strong demand for its vehicles ahead of its earnings report later this week.
As of 1:30 p.m. EDT, NIO's American depositary shares were trading up about 13.8% from Friday's closing price.
With the COVID-19 outbreak receding in China, demand seems to be strong for NIO's upscale electric vehicles -- even without dealer visits. China Daily reported that a 40-minute NIO livestream last week, in which CEO William Bin Li presented the company's vehicles in detail and answered questions, led to 320 vehicle orders, 5,288 test-drive appointments, and total sales of 150 million yuan ($21 million) by the next day.
Source Fool.com
