Why Nio Stock Shot Higher Today
Nio (NYSE: NIO) shares soared more than 8% Wednesday as technology stocks rallied on Wall Street. Nio's American depositary shares held on to much of those gains, up 6.8% as of 3:47 p.m. ET. Today's move has brought the stock into the black for 2023.
The rally coincides with moves higher by many electric vehicle (EV) and other alternative energy growth stocks. That might help explain why Nio's jump outpaced the approximately 1.8% rise in the technology-filled Nasdaq Composite index. That's because the news from Nio today is that it is partnering with Norwegian smart-energy provider Tibber to give European Nio drivers an improved charging experience.
Nio already offers a unique EV charging option giving customers the ability to exchange a fully charged battery into the vehicle in just a few minutes via its battery swap stations. Citing an article published by the European Nio app, CnEVPost said today that Nio owners can now connect their vehicles to the Tibber app.
Source Fool.com
