NIO Inc – ADR (NYSE:NIO) shares are trading higher by 5.85% to $13.94 Thursday morning, despite a lack of company-specific news for the session. The stock may be trading higher on upward momentum alongside several Chinese names after China recently announced broad measures aimed at optimizing its business environment. NIO is among several Chinese names rising on the news.
China’s National Development and Reform Commission (NDRC) released a 17-point statement on Monday which included pledges to support private investment in transportation, clean energy, new infrastructure, advanced manufacturing and real estate.
NIO may also be seeing strength during Wednesday’s session in sympathy with peer Chinese EV maker XPeng Inc – ADR (NYSE:XPEV) after the company and Volkswagen signed a framework agreement for technical collaboration. Volkswagen will acquire 4.99% of XPeng’s outstanding share capital for $700 million.
According to data from Benzinga Pro, NIO has a 52-week high of $22.74 and a 52-week low of $7.00.
