Why NIO Stock Is Moving Higher Today

Shares of Chinese electric vehicle maker NIO (NYSE: NIO) were moving higher on Friday, after the company's CEO confirmed that its manufacturing partner has begun construction of a second factory near NIO's headquarters in the industrial city of Hefei. As of 1:45 p.m. EDT, NIO's American depositary shares were up about 7% from Thursday's closing price. NIO's founder and CEO, William Li, shared some business updates at an event for NIO owners in China on Thursday, according to multiple reports in Chinese business media.