Why Nio Stock Popped Tuesday
Chinese electric vehicle (EV) maker Nio (NYSE: NIO) concerned investors with a recent cut in guidance due to supply chain constraints. But comments from the vice minister of China's Ministry of Industry and Information Technology that were reported over the weekend gave shares a boost Tuesday morning. After rising as much as 3.7% early today, Nio shares were still almost 3% higher as of 11:05 a.m. EDT.
At an industry conference hosted by the China Automotive Technology and Research Center, Xin Guobin said that the world's largest automotive market is expected to almost triple sales of new energy vehicles in the first eight months of 2021 compared to 2020, Reuters reported. He said sales of battery electric, plug-in hybrid, and hydrogen fuel-cell EVs should hit 1.7 million through August 2021, compared to 600,000 in the same prior-year period.
Source Fool.com
