The U.S.-listed shares of Nio Inc. NIO, +5.27% surged 4.5% in very active afternoon trading Friday, as the China-based electric vehicle maker continued to get a boost from Tesla Inc.'s TSLA, -0.53% better-than-expected deliveries data released earlier this week. Volume swelled to 24.5 million shares, enough to make it the most actively traded on the NYSE. The stock's rally extends the 11% surge on Wednesday, which came on the back of a 4.6% gain in Tesla's stock after the U.S.-based EV maker reported the deliveries data late Tuesday. Since Nio's stock started trading in the U.S. on Sept. 12, 2018, it has a +0.72 correlation coefficient with Tesla's stock compared with a correlation coefficient of -0.10 with the iShares MSCI China ETF MCHI, -1.12% according to an analysis of FactSet data. A correlation coefficient of +1.00 indicates a perfect match. Nio's stock has tumbled 49% year to date, while Tesla shares have shed 29% and the S&P 500 SPX, -0.19% has gained 19%.
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