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Why Nio Stock Shot Higher Today

TheMotleyFool

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Why Nio Stock Shot Higher TodayPhoto, wide shot, wide-angle lens, Automotive service center, Midday, harsh overhead sunlight, directional sunlightt, photo by Ansel Adams: https://img.midjourneyapi.xyz/temp/c8dbaa5e-abdb-40ac-b919-ed80785b056a.png

Shares of Nio (NYSE: NIO) jumped by more than 11% to start the new trading week. The stock of the Chinese electric vehicle (EV) maker had gained ground Friday morning after reporting its first-quarter financial update.

Shares lost that early gain Friday, but more news this morning has it popping again. As of 10:32 a.m. ET on Monday, it still held on to a gain of 9.4%.

Today's jump comes as the company announced it was cutting vehicle prices and after it also said it was throttling back on spending. Nio is slashing prices on all models but will no longer offer new buyers free battery swapping services, according to Reuters.

Source Fool.com