Nio’s stock set to pull back, but some other EV maker shares bet a boost from upbeat China auto sales data

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Shares of Nio Inc. slipped 0.2% in premarket trading Tuesday, putting them on track to pull back from the previous session’s record close, after data out of China showed that sales of new-energy vehicles in September jumped 68% to 138,000 units, the highest sales volume for that month. Nio’s stock had rallied 1.8% on Monday to close at a record $21.85. It has rocketed 443.5% year to date through Monday, while the iShares MSCI China ETF has advanced 22.2% and the S&P 500 has gained 9.4%. Meanwhile, the data out of China helped give a lift to Tesla Inc.’s stock , which rose 0.6% ahead of the open, putting them on track for a fifth-straight gain; the stock has rallied 6.8% over the past four sessions. Among other electric vehicle makers, shares of Workhorse Group Inc. climbed 1.5%, Nikola Corp. slipped 1.0% and XPeng Inc. inched up 0.1% in the premarket.
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