Benzinga | Nov 1, 2021 03:23PM EDT

Why Nio Shares Are Rising

Nio Inc (NYSE:NIO) shares are trading higher, reversing following earlier weakness. The stock initially dipped after the company reported a 27.5% year-over-year dip in October vehicle deliveries.

Shares of several companies in the clean energy space are also trading higher as investors weigh US President Biden's speech at the COP26 climate summit, in which he addressed climate change goals. Strength could also be attributed to US infrastructure optimism, Tesla, Inc. (NASDAQ:TSLA) hitting a new high and delivery numbers from NIO, Xpeng and Li Auto.

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 $30.03.