Hyperdrive
Nio Stock Surge Tops 1,000% as Tesla’s China Nemesis Gains Speed
- After teetering on brink, Nio has won early fans for its SUVs
- But competition is getting tougher with Tesla Model Y looming
This article is for subscribers only.
A year ago, Nio Inc.’s dwindling cash and sputtering sales had the electric-car upstart on the brink of doom. Fast forward, and the stock’s 11-fold gain in 2020 has pushed the Chinese company’s market value past General Motors Co.
No other company better illustrates the swift shift in consumer and investor perception of electric cars than Nio. Skepticism over the technology’s viability has turned into a race to pick the winners, with Nio and main rival Tesla Inc. among the top candidates.