Popular electric vehicle (EV) maker Nio Inc. (NYSE: NIO) rallied around 8% on Thursday after China pledged to extend support to its EV industry. According to a report published by Barron's, China may also extend subsidies for new-energy vehicles that were due to expire this year. The Chinese government will also focus on building charging infrastructure across the country and take initiatives to decrease charging fees. This development comes as a relief for EV makers like Nio, who are facing supply-chain disruptions. Recently, Nio posted impressive delivery numbers for the month of June. It witnessed a 60.3% year-over-year rise to 12,961 vehicles.
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NIO (NYSE:NIO)
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