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NIO > red hot EV sector > Nio's stock rockets toward a near 2-year high after upbeat report on June sales
8:22 am ET July 6, 2020 (MarketWatch)
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Shares of Nio Inc. (NIO) were vaulted 21% higher in premarket trading Monday, after DigiTimes reported (https://www.digitimes.com/news/a20200706PD208.html) that the China-based electric vehicle (EV) maker recorded a big jump in sales in June. The rally puts the stock on track for a fifth-straight gain, to the highest price seen during regular session hours since Sept. 14, 2018, which was Nio's third day as a public company; the stock's record close was $11.60 on Sept. 13, 2018. The stock rocketed 35.9% over the past four sessions through Thursday. DigiTimes reported Monday, citing industry sources, that Nio sold 3,740 EVs in June, up 179% from a year ago. The report follows rival Tesla Inc. (TSLA) reporting on Thursday second-quarter deliveries (http://www.marketwatch.com/story/tesla-stock-rockets-higher-as-deliveries-crush-expectations-2020-07-02) that were well above expectations. Nio's stock has more than doubled year to date through Thursday (up 133%), while Tesla shares have nearly tripled (http://www.marketwatch.com/story/teslas-stock-surges-toward-another-record-after-the-streets-most-bearish-analyst-boosts-price-target-2020-07-06) (up 189%) and the S&P 500 has slipped 3.1%.

-Tomi Kilgore; 415-439-6400; [e-mail]

(END) Dow Jones Newswires

July 06, 2020 08:22 ET (12:22 GMT)