Shares of Nio Inc. (NIO) surged 2.3% in premarket trading, ahead of the China-based electric vehicle maker's third-quarter earnings report after the closing bell, as a big rally in Tesla Inc.'s stock (TSLA) and an upbeat analyst note helped fuel investor optimism. Nio is expected to report a per-share loss that narrowed to RMB1.18 from RMB2.48 a year ago, according to FactSet, and revenue that more than doubles to RMB4.37 billion from RMB1.84 billion. Tesla's stock shot up 13.3% ahead of the open, after S&P Dow Jones Indices said late Monday ( ) that it would add the stock to the S&P 500 next month. And Wedbush analyst Dan Ives the EV vehicle market is still in the" very-early innings" of playing out, with the stage now set "for a major step up in EV growth, with Europe and China front and center as core growth regions." Among other China-based EV makers, shares of Li Auto Inc. (LI) rallied 3.4% premarket and XPeng Inc. (XPEV) climbed 3.5%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 17, 2020 07:41 ET (12:41 GMT)
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