What's Going On With Nio Stock Thursday?

NIO Inc NIO shares are trading higher Thursday after hitting new 52-week lows on Wednesday. Here’s a look at what’s going on.

What To Know: Nio shares appear to be getting a lift Thursday following reports that major automakers in China and other key industry players held a meeting in Beijing to discuss the development of the automotive industry.

According to a CnEVPost report citing local media outlet Cailian, the meeting was organized by the government and was centered around promoting development of high-quality new energy vehicles, boosting NEV adoption and pushing for global NEV expansion.

The news comes a day after Nio shares fell to new 52-week lows as several US-listed Chinese stocks traded lower after China missed GDP and retail sales estimates.

Nio shares have also faced selling pressure in recent sessions as several competitors have continued to lower prices on vehicles. Tesla cut prices by as much as 6% on several models in China again last week amid increasing competition in China.

Check This Out: Tesla’s Price-Cut Puzzle: Will Discounts Drive Demand Or Train Customers To ‘Wait For A Deal?’ Analyst Breaks It Down

NIO Price Action: Nio shares were up nearly 4% in early trading Thursday before pulling back. The stock was up 1.11% at $6.37 at the time of publication, according to Benzinga Pro.

Photo: Andy Feng, Shutterstock