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Why Nio Stock Jumped Wednesday

·2 min read
Why Nio Stock Jumped Wednesday
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Shares of Chinese electric vehicle maker Nio (NYSE: NIO) have had positive momentum for more than a week now, and that has continued today. As of 11 a.m. EDT, Nio shares had gained 3%. Last week, Chinese electric vehicle and battery maker BYD, which is one of Warren Buffett's Berkshire Hathaway portfolio holdings, announced plans to collaborate with a fleet-as-a-service solutions joint venture to deploy up to 5,000 new EVs to fleet managers in the U.S. And yesterday, news came that global EV leader Tesla had produced a record volume of electric vehicles at its Shanghai factory in September, with the majority of those sales remaining in China.