Why Did Nio Stock Drop Today?
Investors in electric vehicle (EV) companies look for technology that can differentiate one company from its competitors. Chinese EV maker Nio (NYSE: NIO) offers a battery swap technology that is unique, and it received some publicity today. One might think that would move Nio shares higher, but that's not the case, at least this morning. Nio's American depositary shares were down 3.3% as of 10:15 a.m. ET.
Today's drop might reflect some profit taking after Nio shares have soared more than 60% from a recent low in mid-March. But reports that the company is in talks with other automakers to license its battery swap technology may make today's dip a buying opportunity.
Nio is expanding its battery swap stations into Europe. Image source: Nio.
Source Fool.com
