Nio and stocks of other China-based EV makers rally, as strong economic data out of China offsets downbeat earnings reports

Shares of China-based electric vehicle maker’s rose Wednesday, as strong economic data out of China and investor optimism as Hong Kong lifted its mask mandate overshadowed mostly disappointing earnings reports. NIO Inc.’s stock NIO gained 1.3% in premarket trading, even after the company reported net losses that more than doubled to RMB6.00 billion ($861.9 million), or RMB3.55 per American depositary share (ADS), from RMB2.22 billion, or RMB1.36 per ADS in the year-ago period. Excluding nonrecurring items, the adjusted loss per ADS of RMB3.07 was wider than the FactSet loss consensus of RMB1.83, as gross margin contracted…