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What happened
Shares of
NIO (NYSE:NIO) rose 16.9% in January according to data from S&P Global Market Intelligence. The China-based electric vehicle (EV) stock gained ground thanks to strong delivery numbers, favorable analyst coverage, and continued market enthusiasm for the industry.
NIO published its monthly business update numbers on Jan. 3, reporting that December vehicle deliveries had surged 121% year over year to hit 7,007. Large analyst firms also generally put forth very favorable outlooks for NIO in January, which helped reinforce positive sentiment around the vehicle numbers and push the company s share price higher.
Image source: NIO.
So what