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Benzinga
Benzinga
Business
Henry Khederian

Why NIO Shares Are Rising Today

NIO Nio Inc Shanghai

Nio Inc - ADR (NYSE:NIO) shares are trading higher by 6.15% at $18.65. Strength is possibly due to hopes of a Shanghai reopening. The company Wednesday announced it delivered 7,024 vehicles in May 2022.

The COVID-19 lockdown in Shanghai and other parts of China has otherwise weighed on the broader Chinese economy and Chinese stocks in 2022. The IMF in April downgraded China’s growth forecast to 4.4% from 4.8%, citing pain from its coronavirus restrictions.

See Also: Why C3.Ai Shares Are Getting Hammered Today

NIO operates in China's premium electric vehicle market.

According to data from Benzinga Pro, NIO has a 52-week high of $55.13 and a 52-week low of $11.67.

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