Xiaomi Just Gave NIO Stock a Major Lift

Chinese electric vehicle (EV) stocks are rising this morning on news that their sector is expanding. Consumer electronics producer Xiaomi (OTCMKTS:XIACY), the nation’s fifth-largest smartphone maker, has announced that it will be launching a new EV on March 28. This comes at a time when a price war is ravaging China’s EV market as automakers slash sticker costs to remain competitive. But this development has provided many Chinese EV producers with a much needed boost. Nio (NYSE:NIO) is enjoying the ride so ...