Active Stocks: NIO Inc [NYSE: NIO] was a big gainer in yesterday’s session, as it closed the day with gains of 36.84%. It has sustained this rally pre-market and at the time of writing, it was up by 2.76% to trade at $2.42.
NIO’s bullish momentum is driven by news of its deal with Intel. Yesterday, the company announced that it was teaming up with Intel’s Mobileye to develop self-driving car systems. The deal will see NIO engineer and make a self-driving car system for Mobileye, one that will build on the Intel Level 4 autonomous driving kit. In a statement, NIO stated that this self-driving technology is the first of its kind. The company further added that this technology targets consumer autonomy and is engineered with automotive qualification standards, scalability and costs in mind.
While NIO did not release the financial details of the deal, it is a big deal for the company. According to the CEO of Mobileye, Amnon Shashua, this deal will enable the company harvest data while staying in compliance to Chinese regulations. With this data, it will improve on capabilities for supporting autonomous cars. This is a big deal for both companies considering how huge the Chinese market is especially the auto industry.
Looking at the charts, NIO is quite responsive to these news. In yesterday’s session, the stock recorded volumes of 184.64 million shares indicating strong investor interest. It was also quite volatile. It opened trading at $1.88 and traded between $1.80 and $2.38 before closing the day at $2.34. This price action saw it form a solid bull candle, an indicator that are bulls are taking control of the market.
About NIO Inc
NIO Inc is designer and manufacturer of electric cars with operations in China, and the U.S.A among other countries. The company has its headquarters in Shanghai, China.