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Tesla rival NIO's shares recharged as SEC sues Elon Musk for fraud

Tesla was hit by downgrades over the SEC charges against Elon Musk
A NIO car
NIO is a Chinese electric-vehicle maker

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. 

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