Why NIO Stock Is Lower Today
Shares of Chinese electric vehicle maker NIO (NYSE: NIO) were trading lower on Monday, on sectorwide weakness after another electric vehicle start-up reported sales well below Wall Street's expectations.
As of 2:30 p.m. EDT, NIO's American depositary shares were down about 5.6% from Friday's closing price.
There was some minor news on NIO on Monday, but it wasn't bad news. The Chinese government has developed new regulatory standards for electric vehicle battery swap stations, and NIO -- which operates one of the country's largest battery swap networks -- helped to write the new regulations. The new rules will go into effect on Nov. 1.
Source Fool.com
