After a dismal first half of the year, Nio (NYSE: NIO) stock made a dramatic comeback in July and surged 42% in the month, according to data provided by S&P Global Market Intelligence.
Earlier in July, Nio reported a 17.5% year-over-year growth in deliveries for June. The Chinese electric-vehicle (EV) maker’s recently launched sub-brands, Firefly and Onvo, contributed 40% to its June sales, and that’s what caught everyone’s attention.
Although Nio launched its first Onvo model L60 late last year, its all-electric large three-row L90 SUV sparked unprecedented optimism last month. In the two weeks following the start of L90 pre-sales on July 10, Nio’s stock shot up over 40% on the Hong Kong stock exchange. The optimism spilled over to the U.S., and Nio shares surged on the New York Stock Exchange as investors bet on a potential turnaround.