NIO Stock Price: Nio Inc surges as growth stocks and Chinese ADRs rally

NYSE:NIO gained 7.10% during Tuesday’s trading session.
New energy vehicle sales continue to rise in China.
Chinese ADR stocks bounced back on Tuesday after a brutal sell off.

Stocks Reporter FXStreet

NYSE: NIO finally saw a reprieve from its ongoing decline on Tuesday as the broader markets rallied from a major sell off on Monday. Shares of Nio jumped higher by 7.10% and closed the trading session at $30.16. All three major indices rebounded on Tuesday, led by the NASDAQ which posted an impressive 2.4% gain. The Dow Jones added back 560 basis points and the benchmark S&P 500 bounced back by 1.78%. Investors are hoping that Tuesday’s session could trigger the annual Santa Claus rally from the markets although Wednesday’s futures outlook is currently bleak with all three indices looking at a red open.

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November was another month of progress for the Chinese electric vehicle market, as new energy vehicle sales rose yet again in impressive fashion. Sales jumped 122% year over year from 2020 last month, and year to date China has sold upwards of 2.5 million vehicles. Of course, new energy also includes plug-in hybrids as well which isn’t exactly indicative of electric vehicle sales. Li Auto (NASDAQ: LI) and BYD are two of Nio’s largest domestic rivals, and both companies make hybrid electric vehicles which have electric batteries as well as a small tank for gasoline to extend the range.

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Chinese ADR stocks finally had a positive day on Tuesday after an especially brutal sell off during Monday’s session. The Anti-Monopoly Bureau came out on Monday and announced that it would be seeking further punishment for companies that are practicing anti-competitive tactics. But investors shrugged off these threats on Tuesday and stocks like JD.Com (NASDAQ: JD), AliBaba (NYSE: BABA), XPeng (NYSE: XPEV), and PinDuoDuo (NASDAQ: PDD) were all trading higher during the session.

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