Niu Technologies (NIU) saw its stock surge 11.67% on Monday, October 28, 2024, as Chinese electric vehicle (EV) stocks experienced a strong rally driven by optimism surrounding the sector.
The rally in Chinese EV stocks, including companies like NIO, XPeng, and Kandi Technologies, was fueled by several factors. One key driver was the developments related to Chinese government stimulus measures, which have contributed to bouncy trading in the sector over the past six weeks.
Additionally, NIO received an upgrade from Macquarie, with the firm citing potential acceleration in sales volume for NIO's Onvo L60 model in Q4 due to strong demand. The upcoming launch of NIO's new Firefly brand in early 2024 was also seen as a potential catalyst for the sector.
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