Shares of several Chinese stocks, including Nio Inc - ADR (NYSE: NIO), are trading higher after the Chinese government vowed to focus on consumption recovery and reduce some income tax rates.
© Provided by BenzingaWhy Nio Shares Are Rising
Shares of several Chinese stocks have otherwise been under pressure amid continued COVID-19 omicron variant concerns, which have prompted travel restrictions in some nations and added to lockdown fears. Omicron concerns have also caused uncertainty amid the holiday shopping season. Shares of Chinese companies have also been under pressure in 2021 amid further regulatory concerns in China.
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Nio operates in China's premium electric vehicle market. The company designs and jointly manufactures, and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving and artificial intelligence.
Nio has a 52-week high of $66.99 and a 52-week low of $27.52.
