What's Driving The Nio Rally?
Shares of Chinese electric vehicle maker Nio Inc. (NYSE: NIO) surged 9.6% in Mondays regular trading session and further rose another 0.5% in the extended session. What Happened: It was reported on Monday that Nio is scheduled to hold the "Nio Power Day Event" on July 9, where it will provide a glimpse of products and technologies related to the Nio Power unit and unveil plans related to energy replenishment. Meanwhile, Louis Navellier, market strategist and founder of Navellier & Associates, said in a note on Monday that he ultimately sees Nio dominating the EV market in China and Hong Kong, surpassing market leader Tesla Inc. (NASDAQ: TSLA). According to a report by Barrons, Nios shares are seeing volatility as call options volume rose almost 200% on Monday compared to Friday. Call options are financial contracts that give the option buyer the right to buy a stock at a specified price. See Also: Nio Establishes Another Intelligent Driving Company In Key City Of Hefei  Why It Matters: Seen as a Tesla rival, Nio is relying on service offerings to make an impact on customers in China. The company has pioneered the concept of battery-as-a-service that would allow users to rent a battery instead of purchasing one. Nio opened five new battery swap stations in China on Sunday as part of an aggressive expansion strategy, taking the total number of its battery swap stations in the country to 282. Price Action: Nio shares closed 9.6% higher in Monday's regular trading session at $49.40 and further rose 0.5% in the after-hours session to $49.66. Read Next: Tesla's Battery Charging Vs. Nio's Battery Swapping: What Investors Should Know  Photo: Courtesy of Nio