Why Nio Stock Soared Today
After a muted start to the week, electric-vehicle (EV) stock Nio (NYSE: NIO) popped 4% Tuesday morning as investors tried to look beyond the dismal headlines that hit the stock momentarily on Monday and weighed in on the long-term prospects of the popular EV manufacturer.
Investors in Nio were taken by surprise Monday when the China-based EV manufacturer reported a sharp decline in its delivery numbers for October even as arch rivals continued to race ahead.
XPeng's (NYSE: XPEV) October deliveries, for example, more than tripled to 10,138 vehicles. Li Auto's (NASDAQ: LI) October deliveries more than doubled to 7,649 vehicles. In sharp contrast, Nio delivered only 3,667 vehicles, down 27.5% year over year and a staggering 65% sequentially.
Source Fool.com
