Benzinga - by Adam Eckert, Benzinga Staff Writer.
NIO Inc (NYSE: NIO) shares are trading higher Tuesday, bouncing back after sliding on Monday. Here's a look at what's going on.
What To Know: Nio shares faced heavy selling pressure on Monday after a Bloomberg report suggested the company was considering raising around $3 billion from investors in the Middle East.
Shares pared losses but still remained lower for the session after Nio said it was aware of the media speculation and wanted to respond by clarifying that it had no "reportable capital raising activity" beyond its convertible notes offering, which was announced last week.
Tuesday's move appears to be a continued recovery from Monday's weakness.
What Else Is Going On: The European Union (EU) has launched an anti-subsidy probe into Chinese EVs.
According to a Bloomberg report, the investigation aims to determine the extent that China has subsidized automakers including Nio, BYD, SAIC Corp and Tesla.
Related Link: EU Targets Tesla In Anti-Subsidy Probe: What's At Stake For EV Giant
Nio co-founder and president Qin Lihong reportedly said the company has "no intention to go against any market regulation in terms of subsidies."
NIO Price Action: Nio shares were up 1.8% at $8.50 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Nio.
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