Why Nio Stock Accelerated 12% Higher This Week
Several factors converged this week to make Chinese vehicle manufacturer (NYSE: NIO) a popular stock in the somewhat battered electric vehicle (EV) sector. Almost unarguably the major one was the announcement of a new vehicle, although 's (NASDAQ: TSLA) latest stumbles also played a role.
It was an eventful few days for Nio, and since these developments were positive the stock rose. It ended the week more than 12% higher in price, according to data compiled by S&P Global Market Intelligence.
That new model is the ONVO L90, the rollout of which Nio incorporated into a press release touting the production of its 800,000th vehicle. The company described the ONVO L90 as a product that "redefines the family oriented three-row electric SUV."
Source Fool.com
