Shares of NIO (NYSE: NIO) were trading lower on Tuesday, as selling pressure on category leader Tesla (NASDAQ: TSLA) put pressure on shares of NIO and other publicly traded Chinese electric-vehicle makers.
As of 1:15 p.m. EDT on Tuesday, NIO's American depositary shares were down about 3.1% from Friday's closing price.
Tesla's shares were down sharply on Tuesday after Standard & Poor's declined to add the company to the S&P 500 index, a decision that surprised auto investors who have bid up the Silicon Valley company's shares in recent months. The selling pressure on Tesla likely weighed on NIO's shares, as well as those of electric-vehicle rivals Li Auto (NASDAQ: LI) (down 4.8% at 1:15 p.m.) and XPeng (NYSE: XPEV) (down 5.5%).
Source Fool.com