Shares of Chinese electric vehicle (EV) maker NIO (NYSE: NIO) were trading lower on Tuesday amid a broad sell-off of EV stocks, and despite good sales results and an upgrade from a longtime Wall Street skeptic.
As of 10:30 a.m. EST today, NIO's American depositary shares were down about 6.4% from Monday's closing price.
NIO was just one of a group of EV stocks that were trading lower on Tuesday. Most of them have had strong bull runs in recent months; a retreat is no surprise and, at least for the moment, probably shouldn't worry long-term-minded auto investors.
Source Fool.com