Nio shares rally 16% after Chinese EV maker teases new model

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American depositary receipts of Nio Inc. NIO, +16.70% jumped more than 16% Tuesday after the Chinese EV maker teased a “new model” in a countdown on its website. The ADRs are on pace for their largest percent increase since March 16, when they rallied nearly 26%, and poised to snap a three-day losing streak. Nio earlier this month said it delivered 7,024 vehicles in May, including 5,317 premium electric SUVs of different sizes and configurations and 1,707 ET7s, the company’s newer electric sedan. It said then its vehicle production had been “gradually recovering” from shutdowns and other impacts of COVID-19 outbreaks in China. So far this year, Nio’s ADRs have lost about 41%, compared with losses of around 21% for the S&P 500 index. SPX, -0.38%

This article was originally published by Marketwatch.com. Read the original article here.

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