Despite previous downturns like the one which occurred in March of this year, the stock has gained over 8% in the last 5 days. NIO is often considered China’s Tesla, but today we dive a little deeper!
Why NIO’s stock popped up
Despite the 20% workforce layoff, NIO’s stock popped up is because of their Q3 earnings report. It states there that they delivered over 4,000 vehicles which increased by 35% from the previous quarter and exceeded the company’s guidance point of 500 vehicles. Nio’s electric SUV made most of the sales with the ES8 coming in second.
Amidst NIO struggling in China’s declining electric vehicle market, NIO had a big market move in pre-hour trading.
