Nio On Roller Coaster Since IPO

Referred to as “China’s Tesla,” start-up Nio Inc. (NYSE: NIO) is Tesla Inc. (NASDAQ: TSLA)'s rising competitor in the autonomous electric car landscape. Based on Friday’s stock performance, Nio might have the ability to surpass other companies in the space.

Nio recently reported over 17,000 vehicles on order, amounting to $7 million in sales. The company sells an electric SUV for $65,000, a much lower price point than Tesla's $79,500 Model X. 

What Happened?

Nio recently announced its initial public offering and only raised $1 billion, missing its goal of roughly $1.8 billion. Despite a slight drop in shares following its Nasdaq debut Wednesday, the stock has since shifted direction.

On Thursday, Nio shares initially surged 76 percent. Later in the day, shares had rallied 92 percent.

Price Action

Nio shares were up as much as 11 percent in premarket trading Friday. The stock was down nearly 5 percent at $11.07 at the time of publication Friday. 

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Photo courtesy of Nio.