A key Chinese Tesla Inc. (NASDAQ:TSLA) competitor in the EV space is seeing a surge in its Momentum score in Benzinga’s Edge Stock Ranking, with big gains in just over a week.
Surge In Momentum Scores
In Benzinga's Edge Stock Rankings, stocks are ranked as a percentile based on Quality, Value, Growth and Momentum. The Momentum score essentially takes into account price movements and volatility of a particular stock across several different time frames, before ranking them individually as a percentile against all other stocks.
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Over the past week, a Chinese automotive startup has been surging in Benzinga’s Momentum rankings, indicating heightened interest and volume in the stock.
Growing Optimism In China’s Tech And EV Sectors
The stock in question is automaker Nio Inc. (NYSE:NIO), which witnessed a surge in Momentum from 46.79 to 86.08 within the span of a week. The stock is up 13.46% over the past month, and 51.87% year-to-date, primarily driven by the resurgence in optimism surrounding China’s tech and EV sectors.
Besides this, the company recently raised $1.16 billion through an equity offering, with proceeds earmarked for R&D, battery swap infrastructure, and vehicle platform development.
The capital infusion appears to have reassured investors, especially in light of NIO's ongoing efforts to expand delivery capacity and roll out new models. One such development is the shipment of the company's ES8 SUVs to dealerships ahead of launch, signaling progress on the product execution front.
The stock was down 6.24% on Monday, closing at $6.91, and is down another 0.87% in pre-market. According to Benzinga’s Edge Stock Rankings, the stock scores well on Momentum, but does poorly on Growth, with a favorable price trend in the short, medium and long terms. Click here for deeper insights into the stock, its peers and competitors.
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