Why NIO's Stock Surge Is Continuing
Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) continued their strong run on Wednesday morning. Shares were up about 10.7% from Tuesday's closing price as of 10:45 a.m. EDT, as investors continued to flock to NIO's stock following its strong second-quarter sales report.
NIO is one of several companies in the electric-vehicle space that has seen a surge of investor interest in the wake of the huge run-up in Tesla's (NASDAQ: TSLA) share price in recent months. But NIO has a few things going for it that many of the others don't: It's shipping vehicles, its sales are growing, and it has money in the bank.
NIO's shares got a boost last Thursday, when the company reported that its second-quarter sales had nearly tripled from a year ago, exceeding even its own expectations.
Source Fool.com
