NIO Inc (NYSE:NIO) shares continue to move higher Tuesday after surging over the last week — what's going on?
Nio has been trending higher since the company's virtual product launch event last week in which the EV maker unveiled its new ES7 SUV. The Nio ES7 offers superior driving performance, increased visual appeal and an overall luxury experience. The EV will come with Nio's Digital System product, which includes a smart hardware and computing platform. The ES7 will also feature the latest autonomous driving package from Nio.
On Friday, several Chinese EV companies traded higher following reports suggesting the Chinese government would offer an approximately $1,500 subsidy for vehicle owners who scrap older cars and purchase an EV from authorized retailers before the end of the year.
Citigroup analyst Jeff Chung maintained Nio with a Buy rating and lowered the price target from $87 to $41.10 on Tuesday.
See Also: Why Alibaba, Nio, Chinese Peers Are Trading Mixed In Hong Kong Today
Nio operates in China's premium electric vehicle market. The company designs, jointly manufactures and sells smart and connected premium electric vehicles and offers driving innovations in connectivity, autonomous driving and artificial intelligence.
NIO Price Action: Nio has traded between $55.13 and $11.67 over a 52-week period.
The stock was up 10.23% at $22.90 at press time, according to data from Benzinga Pro.
Photo: courtesy of Nio.
