NIO Stock Forecast: Nio Inc surges after Norway market expansion report

NYSE:NIO ripped higher on Thursday alongside a broader market rally that saw all three major indices jump for the second straight day. Shares of NIO soared by 9.49% and closed the trading session at $16.03. Have the US markets finally reached a bottom? Stocks rose across the board on Thursday as the major indices are on pace to snap their seven-week losing streak. The Dow Jones jumped by a further 516 basis points for its fifth straight gain, while the S&P 500 and NASDAQ rose by 1.99% and 2.68% respectively during the session.

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On Thursday, Nio announced its plans for expanding its presence in its second consumer market in Norway. Nio recently reported selling its 500th vehicle in the Scandinavian country, and now plans to add two new vehicle showrooms and battery swap stations in the near future. But that’s not all, Nio is also still set on expanding to other European markets by the end of 2022. These countries include Germany, Sweden, Denmark, and the Netherlands. Nio has been busy as of late after announcing plans for a new autonomous driving research facility in Singapore and a new battery lab in Shanghai.

NIO stock price

This week marks the end of the US listing for Chinese ride-hailing giant, Didi Global (NYSE:DIDI). Shareholders voted to delist from the New York Stock Exchange, as the company is likely to move back to the Hong Kong exchange. While Nio is still on the list of potential companies to be delisted, the EV maker has also listed its stock on the Singapore Stock Exchange where US-listed shares will be fully fungible.

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