Why Nio Stock Is Skyrocketing Today
(NYSE: NIO) stock is soaring Thursday following new vehicle announcements. The Chinese electric-vehicle (EV) company's share price was up 9.2% as of 3 p.m. ET. The gains came despite declines of 0.5% for the S 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (NASDAQINDEX: ^IXIC) at the same point in the day's trading.
Nio debuted a new line of SUV models today, and investors are responding by bidding up its stock. As of this writing, the company's share price is now up roughly 40% over the last three months. The EV player's market cap now stands at approximately $12.4 billion.
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