Nio’s stock rises ahead of earnings as Tesla surge, upbeat analyst call provide a boost

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Shares of Nio Inc. surged 2.3% in premarket trading, ahead of the China-based electric vehicle maker’s third-quarter earnings report after the closing bell, as a big rally in Tesla Inc.’s stock and an upbeat analyst note helped fuel investor optimism. Nio is expected to report a per-share loss that narrowed to RMB1.18 from RMB2.48 a year ago, according to FactSet, and revenue that more than doubles to RMB4.37 billion from RMB1.84 billion. Tesla’s stock shot up 13.3% ahead of the open, after S&P Dow Jones Indices said late Monday that it would add the stock to the S&P 500 next month. And Wedbush analyst Dan Ives the EV vehicle market is still in the” very-early innings” of playing out, with the stage now set “for a major step up in EV growth, with Europe and China front and center as core growth regions.” Among other China-based EV makers, shares of Li Auto Inc. rallied 3.4% premarket and XPeng Inc. climbed 3.5%.
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