- Nio stock has advanced more than 5% in the premarket.
- Elon Musk said Chinese EV companies are the ‘smartest’.
- Tesla reported Q4 earnings late Wednesday that have buffeted the EV industry.
- NASDAQ futures are up on better than expected GDP data.
Nio (NIO) stock has advanced 5.3% in Thursday’s premarket due to Tesla (TSLA), the king of the electric vehicle industry, unveiling results of a bullish fourth quarter late Wednedsay. In line with Tesla stock moving 5.5% higher in the premarket, Nio is experiencing renewed exuberance for the EV sector. Tesla surprised the market as CEO Elon Musk said his car company might deliver 2 million vehicles this year despite recent price cuts that were thought to be a result of lower demand.
Nio is trading at $12.24 before the market open, while the NASDAQ futures have advanced 0.7%, foreshadowing market optimism. This early optimism was then buffered by United States Q4 GDP figures from the Commerce Department showing that the US economy grew at an annualized rate of 2.9%. Consensus had been 2.6%. Where is this recession everyone is talking about?
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