Why Nio Stock Jumped Higher on Friday
Highly followed Chinese electric vehicle maker Nio (NYSE: NIO) is making an unusually large move in the market today. With the trading volume of its American depositary shares (ADSs) already at 75% of its daily average at 11:45 a.m. EDT, shares were up 4.3%. The stock was up 5.5% earlier on Friday at its highs of the day.
Nio has been working on expansion plans as it anticipates growing demand in China and elsewhere. It has opened a division in Norway and made its first shipment outside of China there. The company has further plans to expand into Europe. That growth was to be helped by a new factory being built with its manufacturing partner JAC Motor. Construction began on April 29 on a new industrial park in collaboration with the city of Hefei, China.
Nio's ET7 luxury electric sedan will be available early next year. Image source: Nio.
Source Fool.com
