American depositary shares of Chinese electric vehicle (EV) maker (NYSE: NIO) plunged as much as 7% Wednesday morning after the company lowered first-quarter delivery estimates.

Nio had previously told investors it expected to ship as many as 33,000 vehicles in the quarterly period. Now it sees only about 30,000 units to be delivered. That news added to the pessimism investors have already felt regarding Nio's prospects. Nio shares are now down about 50% just this year.

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Source Fool.com