Why NIO Stock Is Trading Lower Today

Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) were trading lower on Friday, after one of the company's co-founders was named CEO of Foxconn's new electric-vehicle business. 

As of 10:30 a.m. EST, NIO's American depositary shares were trading down about 5.2% from Thursday's closing price.

Taiwan-based Hon Hai Precision Industry (OTC: HNHPF), better known as Apple manufacturing partner Foxconn Technologies, made news earlier this week when it announced a new joint venture with Chinese automaker Geely Auto (OTC: GELYF) to provide electric-vehicle contract-manufacturing services and related technologies to new and established automakers.

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Source Fool.com