Shares of NIO Inc (NYSE:NIO) moved higher on Friday just as the US Securities and Exchange Commission sued Tesla Inc (NASDAQ:TSLA) CEO Elon Musk for fraud over his failed go-private plan.
Nio is the Chinese electric vehicle giant and is aiming to be a Tesla killer.
READ: Analysts’ take on electric carmaker Nio will give Tesla investors déjà vu
Shares of Nio increased by 1.8% in New York to trade at $7.14, havinghit a session high of $7.28.
Tesla was hit with downgrades after the SEC accused it of misleading investors, demanding that Musk be removed as a director in the company.