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Why NIO Stock Rose Again Tuesday

TheMotleyFool

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After jumping more than 5% Monday, shares of NIO (NYSE: NIO) again rose 5% early Tuesday morning. As of 10:25 a.m. EDT, the stock had pared some of those gains, but remained up about 3.5%.

Yesterday, the fast-growing Chinese electric vehicle maker said it had renewed its manufacturing partnership agreement with state-owned manufacturer Jianghuai Automobile Group (JAC). The three-year agreement extension through May 2024 will allow JAC to continue manufacturing NIO's three current SUV models as well as its upcoming ET7 luxury sedan and potentially new models. Also, due to growing demand for NIO vehicles, the extension will double current capacity to about 20,000 vehicles per month or 240,000 annually.

Source Fool.com

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