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Shares in China’s Tesla rival Nio soar more than 75% in a day

September 14, 2018

Via: CNN

Shares in the Shanghai-based rival to Tesla (TSLA) jumped a staggering 76% in New York on Thursday. At one point in the day, the stock was up 92%.

The spectacular leap is remarkable after Nio (NIO) had to scale back the size of its IPO. It raised $1 billion from the offering, at the bottom of its price range. It was hoping to raise as much as $1.8 billion.

On its trading debut Wednesday, Nio stock closed up 5%, having plunged as much 15% earlier that day.

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