Why Nio Shares Are Sinking Today
Chinese business leaders voiced dire warnings over the weekend, and they are hitting shares of companies including electric vehicle (EV) maker Nio (NYSE: NIO) this morning. Nio's American depositary shares dropped almost 6% in early trading Monday, and remained down 3.4% as of 11:12 a.m. ET.
Executives from Nio competitor XPeng and Chinese technology company Huawei are warning that continued COVID-19 lockdowns in Shanghai could lead to severe supply chain issues that could effectively shut down automotive production.
Image source: Nio.
Source Fool.com
