- NYSE: NIO gained 8.02% during Thursday’s trading session.
- Beijing backs its domestic EV market and looks to extend subsidies for consumers.
- Nio has officially built its 1,000th battery swap station in China.
NYSE: NIO jumped higher on Thursday in what was a bullish session for the broader markets, but particularly for the electric vehicle sector. Shares of Nio surged by 8.02% and closed the trading day at $22.50. Stocks extended their gains this week following the July 4th holiday weekend, as all three major indices rose ahead of the key jobs report that is being released on Friday morning. The S&P 500 added 1.50% and recorded its fourth straight winning session for the first time in 2022. The Dow Jones added 346 basis points and the NASDAQ led the way with a 2.28% gain during the session.
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Some news out of Beijing had EV stocks flying higher as the fairweather government has reiterated its support for the domestic automarket. The Chinese government is looking to extend subsidies for consumers who buy domestically made new-energy vehicles, which gave Nio and its peers a boost. Investors were also pleased that despite ongoing COVID-19 concerns, there has been no announcement made about a potential lockdown in the Anhui Province where Nio has its main production facilities. Shares of XPeng (NYSE: XPEV), Li Auto (NASDAQ: LI), and Tesla (NASDAQ: TSLA) were all trading well higher on Thursday following the news.
Nio stock forecast
Amongst a slew of announcements from Nio this week including its 1 millionth battery swap, the company has also reported that it has completed construction on its 1,000th battery swap station. The news is welcome for investors who were rocked by a short report from Grizzly Research that specifically targeted Nio’s battery swap services. Despite the report, shares of Nio have remained mostly positive since its release.
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