NIO Stock Forecast: Nio Inc surges higher as it signs a key partnership in Europe

NYSE:NIO gained 2.35% during Tuesday’s trading session.
Nio announces a major partnership with LeasePlan for its ES8 vehicles.
Goldman Sachs reports Nio could be nearing a listing in Hong Kong.

Stocks Reporter FXStreet

NYSE:NIO continued its strong start to the week on Tuesday alongside a broader market rally that further shows investors are looking past the Omicron variant of the novel coronavirus. Shares of Nio gained 2.35% and closed the trading session at $33.10 despite hitting an intraday high price of $34.52. Stocks soared on Tuesday as the NASDAQ had its best single session since March after climbing higher by 3.03%. Mega-cap tech stocks rebounded nicely and Tesla (NASDAQ:TSLA) jumped by 4.24% after investment firm UBS upgraded the stock and stated that ‘no rival is to come even close to Tesla in 2022’.

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Just days ahead of its annual Nio Day Event on December 18th, the company announced a major partnership with the European firm LeasePlan, which is a Dutch firm that specializes in vehicle leasing and fleet management. LeasePlan already has about 1.8 million vehicles available to customers across 29 different countries, and its addition of Nio’s ES8 model helps the company with its goal of having net-zero emissions from its fleet by 2030. Nio launched in Norway earlier this year, and recently built its first battery swap stations outside of its home market of China.

NIO stock price

On Tuesday, investment banking company Goldman Sachs also reported that Nio could be close to listing on the Hong Kong Stock Exchange. The company is currently trading on the New York Stock Exchange as an ADR, and a dual listing could have long-term benefits for the firm. Nio would join other Chinese companies like Li Auto (NASDAQ:LI), XPeng (NYSE:XPEV), and AliBaba (NYSE:BABA) to trade on more than one exchange.

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Stocks Reporter

FXStreet

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