Why Is NIO Stock Down 20% Today? – InvestorPlace

• Shares of Chinese EV maker Nio (NIO) are down more than 20% today on economic and political news over the weekend.
• Chinese stocks plunged across the board as President Xi Jinping tightened his grip over the country’s ruling Communist Party.
• News that U.S. EV maker Tesla (TSLA) is cutting prices in China to boost sales didn’t help investor sentiment much either.

Chinese electric vehicle (EV) maker Nio’s (NYSE:NIO) stock is down 20% today on news that President Xi Jinping has tightened his grip over the country’s Communist Party, and amid a spate of bad economic news from the nation of 1.4 billion people.

NIO stock briefly fell below $10 a share before rebounding in premarket trading today. However, after the market opened, it fell again back to about $8.88 and currently sits about 20% in the red for the day. Year-to-date, NIO stock was down 67% this year and trading at $11.21 per share prior to today’s move lower.

However, NIO stock is not alone in dropping sharply today. Chinese…

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source: https://news.oneseocompany.com/2022/10/24/why-is-nio-stock-down-20-today-investorplace_2022102434181.html

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