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Nio (NYSE:NIO) stock is rising higher on Thursday as the Chinese electric vehicle (EV) stock rallies alongside others in the sector.
Investors will note that NIO shares gaining today comes as the company’s stock fell on Wednesday. Yet again, that drop yesterday affected more than just NIO as several other Chinese EV stocks slipped.
The news hitting those stocks yesterday included China moving forward with its Zero Covid policy. It looks like the positive movement today is partially due to shares bouncing back from that news.
Tesla News Might Also Be Lifting NIO Stock
Investors will also note that Tesla (NASDAQ:TSLA) released its earnings report for the third quarter of 2023 today. This saw it miss revenue estimates while also warning about delivery problems in Q4 due to supply chain issues.
While this news is dragging down other U.S. EV stocks, Chinese ones aren’t suffering. It could be that investors are betting more on Chinese EV stocks following today’s news.
As far as trading volume goes today, some 26 million shares of NIO stock have changed hands as of this writing. To put that in perspective, the company’s daily average trading volume is around 44 million shares.
NIO stock is up 2.2% as of Thursday morning but is still down 66.7% since the start of the year.
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