NIO Stock News: Nio Inc rises as Tesla breaks out following its earnings

NYSE: NIO jumped higher during trading on Thursday after an update on its battery technology and an earnings beat from rival Tesla (NASDAQ: TSLA). Shares of Nio gained 1.52% and closed the trading session at $20.68. Stocks extended their recent gains as all three major indices closed in the green once again. Overall, the Dow Jones gained 162 basis points, the S&P 500 rose by 0.99%, and the NASDAQ was led by another strong session from big tech stocks and posted a 1.36% rise. 

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EV stocks were on the rise on Thursday, led by Tesla which popped for a 9.78% gain for the day. The move higher comes on the heels of a mixed earnings report, although some positives from CEO Elon Musk were certainly provided. Musk stated that there has been no slowdown in demand for Tesla vehicles, and that he sees an end coming for the supply chain issues that have plagued the industry. Other EV stocks trading higher included Rivian (NASDAQ: RIVN),  Lucid (NASDAQ: LCID), and Nio-rival XPeng (NYSE: XPEV). Tesla reported better than expected earnings per share but came in short on revenues for the quarter, despite posting a 42% year-over-year rise from 2021. 

NIO stock forecast

Nio also had some news of its own on Thursday. The company confirmed that it would begin shipping vehicles with its 150kWh solid-state battery by the fourth quarter of this year. Existing customers will be able to upgrade their current vehicles as well. It is anticipated that the new battery will provide a range of between 850 km to 1000 km depending on the model.

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