• NYSE:NIO gained 8% during Tuesday’s trading session.
  • After a successful delivery report, Nio turns back to Europe for further expansion.
  • EV stocks rise as markets post best two-day gains since 2020.

 

Nio (NIO) stock surged higher on Tuesday as the broader markets extended their strong start to the month of October. Shares of Nio gained 8% and closed the trading session at a price of $16.73. Stocks rose for a second straight day after job openings data for September came in weaker than expected. 10-year treasury bond yields also retreated further, sending all three major indices to their best two-day gains since 2020. Overall, the Dow Jones added 825 basis points, the S&P 500 gained 3.1%, and the NASDAQ rose higher by 3.3% during the session.

Nio stock price

After Nio had a successful deliveries report for the third quarter, investors are once again optimistic that the production issues that plagued the company are behind them after several covid-induced lockdowns stopped production altogether at Nio’s facilities. Nio has since released the ES7 SUV and more recently the ET5 sedan, which many believe will be a major challenger to Tesla’s (TSLA) Model 3 in China. Nio has a press conference in Berlin scheduled for October 8, where it is believed it will officially launch in the German market. 

Electric vehicle stocks were on the rise as a continued surge in demand for electric cars continues to sweep the global automotive market. Shares of Tesla were up by 2.9%, while Rivian (RIVN) and Lucid (LCID) gained 13.8% and 9.3%, respectively, on Tuesday. Ford (F) and General Motors (GM) also jumped higher as the relief rally that kicked off October continues to favor badly beaten down automakers. 

NIO 5-minute chart for 10/4/22

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