Nio’s Stock Set To Pull Back, But Some Other EV Maker Shares Get A Boost From Upbeat China Auto Sales Data

Read The Full Article On: Marketwatch

Shares of Nio Inc. NIO, -2.50% slipped 0.2% in premarket trading Tuesday, putting them on track to pull back from the previous session’s record close, after data out of China showed that sales of new-energy vehicles in September jumped 68% to 138,000 units, the highest sales volume for that month. Nio’s stock had rallied 1.8% on Monday to close at a record $21.85. It has rocketed 443.5% year to date through Monday, while the iShares MSCI China ETF MCHI, -0.15% has advanced 22.2% and the S&P 500 SPX, -0.73% has gained 9.4%. Meanwhile, the data out of China helped give a lift to Tesla Inc.’s stock TSLA, 0.30%, which rose 0.6% ahead of the open, putting them on track for a fifth-straight gain; the stock has rallied 6.8% over the past four sessions. Among other electric vehicle makers, shares of Workhorse Group Inc. WKHS, -13.32% climbed 1.5%, Nikola Corp. NKLA, -0.46%slipped 1.0% and XPeng Inc. XPEV, -1.74% inched up 0.1% in the premarket.

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