Why Nio Stock Is Plunging Today
Nio (NYSE: NIO) stock has been unstoppable this week, having logged massive gains in the first half including Wednesday's jaw-dropping 20%-plus rally. This morning though, the Chinese electric vehicle (EV) stock is taking a breather and was trading down 5.7% as of 10:15 a.m. ET Thursday.
Nio just announced its delivery numbers for November, and it not only lived up to expectations, but also trumped rivals. Investors, though, aren't sure what to do with the EV stock after yesterday's run-up.
In early November, Nio said it was on track to deliver a record number of vehicles in the months of November and December. I strongly believed its outlook, and the reasoning behind it, should convince investors to buy Nio stock while it was still languishing.
Source Fool.com
