Why NIO Stock Is Up Today
Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) were moving higher on Friday, after data showed that it beat Tesla (NASDAQ: TSLA) on one key sales metric in China in April.
As of 11 a.m. EDT today, NIO's American depositary shares were up about 6.9% from Thursday's closing price.
NIO was the best-selling brand in China's fast-growing all-electric SUV market in April, according to new data from the China Automotive Technology and Research Center. While Tesla's Model Y was the best-selling electric SUV in China in April, with 5,520 units sold, NIO's three electric SUV models sold a combined 7,404, enough for a 23% share of the market.
Source Fool.com
