Nio (NIO) shares advanced 3% on market close Wednesday, along with other Chinese automakers' stocks across several exchanges, on reports that authorities are mulling easing restrictions on the number of automobile licenses in major Chinese cities.
People familiar with the matter reportedly confirmed with Bloomberg News that proposals have been drafted by the National Development and Reform Commission, which include potential subsidies for new-energy vehicles.
A document circulating on Chinese social media reportedly showed the commission was drafting a series of stimulus measures to increase consumption, according to Bloomberg News, citing Danny Chen, an analyst at CIMB Securities.
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