Why Nio Stock Popped Monday
Like many automakers, Nio (NYSE: NIO) tempered expectations for its third-quarter deliveries due to supply chain constraints. But the company exceeded that revised guidance when it reported 24,439 vehicle deliveries for the third quarter. The company reports its financial update tomorrow, and its shares are jumping today in anticipation. As of 11:40 a.m. EST, Nio shares were up 3.2% after popping almost 5% earlier in the session.
Besides anticipation for Nio's quarterly financial report, some investors may also be diversifying away from electric vehicle (EV) leader Tesla shares today after CEO Elon Musk said he may sell 10% of his shares. Tesla shares fell on that news, and some of those funds may be going into what some investors hope becomes the Chinese Tesla.
Image source: Nio.
Source Fool.com
