NIO Inc. (NYSE:NIO) shares traded higher on Monday. The move represented a rebound following a pullback last week.
What To Know: Nio stock’s most recent rise began in early December, encouraged by the company’s third-quarter earnings report and forecast.
Shares pushed higher following a report suggesting the company plans to spin off its battery manufacturing unit, possibly projected for the end of the year with valuation to be determined at a later date.
However, shares were pushed lower last week on a report suggesting the company is considering more job cuts which aim to cut costs and improve efficiency.
The company had previously announced a 10% workforce reduction only weeks before.
Despite last week’s pullback, shares of Nio regained by over 4% on Monday.
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NIO Price Action: Shares of NIO were up 4.07% at $7.68 at the close of the market, according to Benzinga Pro.
Image by Stefan Schweihofer from Pixabay
