Chinese electric car maker Nio (NYSE:NIO) was written off by many last year. However, the company has managed a huge turnaround in the second half of 2020. And so has Nio stock.
Trading below $2.40 back in March, NIO began to surge at the end of May and hasn’t looked back. The September tech stock selloff? NIO shares did drop slightly, but that was a minor road bump.
The company quickly recovered, then resumed gaining ground. And it’s been propelled to new heights by a Deutsche Bank upgrade and analyst claims that Nio could be the “next iconic auto brand.”
Nio stock closed at $21.22 on Wednesday, another day of gains after