Nio stock price surged to its highest point since December last year, continuing an uptrend that started earlier this year when it formed a double-bottom pattern.

It surged to $6.70 after the company published its strong financial results and its first quarterly profit. 

Nio published strong financial results 

Nio’s share price surged this week after the Chinese EV giant reported strong financial results, a sign that the Tesla rival was turning the page after years of substantial losses.

The company said that its vehicle deliveries, revenue, and margins improved.

Its vehicle deliveries jumped to 124,807 in the fourth quarter despite increased competition from companies such as Xiaomi and Li Auto. Its deliveries were much higher than…