As far as EV stocks go, Nio (NYSE:NIO) has been one of the go-to choices for investors of late. Indeed, this Chinese EV play has continued to outperform. Shares of NIO stock are now up more than 27% over the past month as investors climb back into growth stocks. Additionally, today’s move of more than 9% higher in NIO stock has brought about more interest in this EV name.
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Why all the buzz?
Well, the Chinese EV market is absolutely massive. Currently, China has more than 40% of the global EV market, sitting just slightly behind Europe. Given the country’s expected growth rate of more than 50% this year, it’s expected the Chinese EV market will not only be the biggest EV market in the world, but among the fastest-growing. For home-grown companies like Nio, this is a massive catalyst that’s hard to ignore.
As Nio continues to ascend higher, let’s take a look at another catalyst driving shares of NIO stock higher.
NIO Stock Surging on Upcoming Nio Power Day
Today, Nio announced the date for the company’s upcoming Power Day event in Shanghai. The date is set for July 9, and investors are seemingly penciling this date into their calendar with enthusiasm.
Indeed, this event will showcase Nio’s products, technologies and plans for future growth. This event will also mark the third anniversary of the NIO Power service. These services include charging and supercharging posts, battery swap locations, mobile charging care, and NIO Cloud. Indeed, these services are the foundation upon which NIO stock has soared to its current levels. It appears investors will be keenly watching for any new announcements from the company in the coming weeks.
What will ultimately be announced remains to be seen. However, NIO stock remains one of the most sought-after EV stocks for a reason. It appears investor enthusiasm remains strong for this company ahead of its Power Day, and many investors are pricing in some sort of surprise right now.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.