Shares of Nio Inc. (NIO) soared 15.2% to a record high in very active afternoon trading Thursday, to pace a broad rally in the shares of electric vehicle makers, particularly those based in China. Trading volume ballooned to 177.3 million shares, enough to make the stock the most actively traded on the NYSE. The gains come after Ford Motor Co. (F) reported late Wednesday blowout third-quarter results ( ), boosted by strength in its China business. Separately, the Nikkei reported earlier this week ( ) that China plans to phase out all gas-burning vehicles by 2035. Among other China-based EV makers, shares of Li Auto Inc. (LI) ran up 11.9% and XPeng Inc. (XPEV) shot up 8.3%. Among U.S. EV makers, shares of Tesla Inc. (TSLA) rallied 2.0%, Workhorse Group Inc. (WKHS) climbed 2.2% and Nikola Corp. (NKLA) tacked on 1.1%. Meanwhile, the iShares MSCI China ETF (MCHI) advanced 2.3% in afternoon trading, while the S&P 500 gained 1.8%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
October 29, 2020 15:09 ET (19:09 GMT)
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