NIO Jumps 37% After Pact With Intel on Driverless Car Technology
- Chinese electric-car maker to mass-produce autonomous system
- Product to use technology from Intel’s Mobileye business
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Troubled Chinese electric-car maker NIO Inc. surged 37% after striking a deal with Intel Corp.’s Mobileye that aims to bring driverless vehicles to China and other markets.
NIO added 63 cents to close at $2.34 in New York on Tuesday for its biggest intra-day gain since September 2018. Before the surge, NIO had tumbled 73% since its U.S. IPO last year as the company struggled with faltering demand, funding requirements and executive departures.