NKLA - Why NIO Stock Was Down and Then Up Today
Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) opened sharply lower on Wednesday, only to recover to positive territory a day after a strong sales report.
NIO's American depositary shares had been down as much as 15% early in the session, but as of 1:45 p.m. EST today, they were trading up about 4.3% from Tuesday's closing price.
NIO was one of several electric-vehicle (EV) stocks that appeared to be headed for another deep-red day early on Wednesday after closing down sharply on Tuesday. Two developments on Monday -- a disappointing partnership deal for electric big-rig start-up Nikola (NASDAQ: NKLA) and a brutal report on Kandi Technologies (NASDAQ: KNDI) from a noted short-seller -- had left auto investors feeling skittish about small companies with big valuations in the EV space.
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Why NIO Stock Was Down and Then Up Today