What's Driving Shares of Nio Lower Today
Nudging nominally higher yesterday, shares of Nio (NYSE: NIO) ended the trading session 0.8% higher than where the electric vehicle (EV) manufacturer's stock finished on Friday. But it seems like the enthusiasm that investors felt for the stock to start the week has tapered off. Instead, ongoing fears of lockdowns in China are weighing more heavily on investors' minds, leading the stock to give back yesterday's gains and head even lower.
As of 11:27 a.m. ET, shares of Nio have dropped 5.1%.
Although the news related to Nio has been dour recently, the company attempted to inspire confidence with some positive PR this morning. Nio reported that it completed assembly of the 200,000th vehicle at its manufacturing facility in Hefei today. Highlighting the increased efficiency that it has reached over the past few years, Nio stated that while it has taken almost four years to achieve the production milestone of 200,000 units, the company has produced 100,000 vehicles over the past year alone.
Source Fool.com
