Why Nio Stock Soared Today
Electric vehicle (EV) sales have been slowing around the world. EV makers have even been cutting prices in China, the world's largest EV market, to spur sales. But (NYSE: NIO) just surprised investors with a strong month in April, and the stock is spiking as a result.
Nio American depositary shares (ADS) were trading higher by 13.2% as of 3:32 p.m. ET after the report. That move has added to a strong rally seen in the shares over the last several weeks.
One reason for the strong reaction from investors was how Nio fared relative to its competition last month. Nio reported deliveries of 15,620 EVs in April. That was an increase of 135% compared to last year. Competitors XPeng and Li Auto didn't see nearly that large an increase. They reported year-over-year April shipment growth of just 33% and 0.4%, respectively.
Source Fool.com
