Why Nio Stock Popped Friday
Shares of Chinese electric vehicle (EV) maker (NYSE: NIO) spiked more than 10% Friday morning after the company reported its August vehicle delivery figures. After rising as much as 10.5%, Nio's American depositary shares pared some of that gain and were trading higher by 7.5% as of 12:45 p.m. ET.
The initial spike was likely a sign of relief that consumers in China continue to spend -- at least on new EVs. Nio reported this morning that it delivered more than 19,000 vehicles in August. That's less than the record 20,462 it reported in July, but August still marked its second-best month ever.
Source Fool.com
