China-focused exchange-traded funds (ETFs) and stocks of Chinese companies listed on U.S. exchanges surged Tuesday soon after the opening bell, buoyed by Beijing's broad stimulus package of monetary measures aimed at boosting the country's sluggish economy.
Nio's stock was surging Tuesday, as investors in the China-based electric vehicle maker cheered the stimulus measures China's central back implemented to try to jump start the sagging economy.
Nio has a plan to use a technology advantage to gain further traction in the Chinese EV market. Nio's next new factory won't be for EVs, but it will go a long way toward advancing its brand.
Onvo, the lower-priced brand launched by premium electric car company Nio, announced its first car, the L60 SUV, would start as low as 149,900 Chinese yuan ($21,210) when buying battery services. A model with the battery and the car starts at 206,900 yuan.
Much like the vast majority of its peers in 2024, the Chinese electric vehicle (EV) maker Nio (NYSE: NIO) has been experiencing significant pressure since the start of the year.
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