NIO Inc ( NIO ) shares are in the spotlight Wednesday after rising nearly 8% on Tuesday. Here’s a look at what’s going on.

What To Know: Nio shares climbed 7.78% on Tuesday amid broader China strength as U.S. Treasury Secretary Janet Yellen met with government officials in the country. Yellen said talks were productive and built on progress made by President Biden and President Xi at the Woodside Summit last November to deepen bilateral discussions.

On Wednesday, new data from the China Association of Automobile Manufacturers showed that China sold 883,000 new energy vehicles in March, up 35.3% on a year-over-year basis, per Reuters. New energy vehicles include electric vehicles, hybrids and fuel-cell vehicles.

Following China’s Spring Festival, production and business activity accelerated, the China Association of Automobile Manufacturers reportedly said. Total vehicle sales in China last month were up 9.9% versus a 19.9% decline in sales in February.

See Also: Apple’s Pivot-From-China Gamble Pays Off: 1 In 7 iPhones Now Made In India

NIO Stock Prediction 2024

Nio’s revenue growth in FY23 was 7.3%, reflecting the influence of various factors including the macroeconomic environment, demand for its products and services, and its position relative to competitors. This growth is a critical indicator for investors assessing the company’s future prospects.

Some macro factors that could impact the company's performance in the next year include higher interest rates, progress on reeling in inflation and labor market strength. The Fed's benchmark rate is currently at 5.33%, while PPI recently came in at 0.6%, growing 1.6% from last year. The unemployment rate was most recently reported as 3.8%.

An investor should pay attention to economic conditions to decide whether they think the macro environment is positive or negative for NIO stock. For real time economic data and breaking market updates, check out Benzinga Pro. Try it for free.

NIO Price Action: Nio shares were down 2.12% at $4.61 at the time of publication, according to Benzinga Pro.