Saturday, July 13, 2024

US Stocks Begin Third Quarter with Modest Gains

1. Nio’s Record Deliveries Boost EV Makers
2. Key S&P 500 Levels to Watch
3. Stocks Futures Higher to Kick Off Third Quarter

Nio, a Chinese electric vehicle maker, has reported a second-straight month of record deliveries, pushing its shares up and boosting rival EV manufacturers as well. In June, Nio delivered 21,209 vehicles, nearly double the number from the previous year and a new high for the company.

Following this news, Nio’s U.S.-listed American Depositary shares rose more than 5%, while other EV firms like Li Auto and XPeng also saw their shares advance after announcing their own deliveries. Even Tesla and Rivian Automotive experienced a boost, with Rivian securing a multibillion-dollar investment from Volkswagen last week.

This surge in EV stocks indicates a growing interest in the electric vehicle sector and highlights the potential for future growth in the industry. Investors are keeping a close eye on these developments as the EV market continues to evolve and expand.

The success of Nio and other EV makers in the market points to a promising future for electric vehicles and their role in the global automotive industry. Stay tuned for more updates as the electric vehicle sector continues to make waves in the market.

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