Why Nio Stock Shot Higher Today
Chinese electric vehicle (EV) maker (NYSE: NIO) made a splash over the holiday weekend by introducing some new products. Investors are showing their approval today, with a boost in Nio's shares.
The company's American depositary shares jumped as much as almost 10% Tuesday morning and remained higher by 9.3% as of 10:50 a.m. ET.
At its annual Nio Day event, the company introduced its new "executive flagship" ET9 sedan. The vehicle will mark the EV maker's first move into the ultra-luxury vehicle market. The four-seat sedan is meant to compete with Porsche's Panamera model and Mercedes-Benz' luxury S trim, according to Bloomberg.
Source Fool.com
