Why Nio Stock Jumped Today
Nio (NYSE: NIO) shares jumped more than 5% Friday morning and were holding on to a gain of 3% as of 2:33 p.m. ET. Nio -- like other Chinese automakers -- has been hit by multiple rounds of business slowdowns due to COVID-19-related shutdowns and drops in consumer demand over the past year. The slump in EV demand has led to vehicle price drops by EV leader Tesla in China that were followed by cuts from other domestic EV makers.