Benzinga | Oct 25, 2021 12:25PM EDT

Why Nio Shares Are Rising

Nio Inc (NYSE:NIO) shares are trading higher amid strength in EV names following Tesla Inc's (NASDAQ:TSLA) deal with Hertz and Xpeng's Tech Day event.

Nio shares were also trading higher last week on continued strength following reports suggesting the company said it would be able to double annual production capacity at its Hefei facility in 2022.

Nio is trading higher by 11.2% over the past month amid a rebound in Chinese companies following a September sell-off. Shares of several Chinese stocks are trading higher in October following the release of Chinese September trade data.

Nio operates in China's premium electric vehicle market. The company designs and jointly manufactures, and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving and artificial intelligence.

Nio has a 52-week high of $66.99 and a 52-week low of $25.46.