Why Nio Shares Are Sinking Today

Elon Musk stole the spotlight this morning, and his reported comments are hitting the stock prices of many electric vehicle (EV) makers. Nio (NYSE: NIO) is one that shares the Chinese market with Musk's Tesla, and its American depositary shares are being impacted. As of 11:06 a.m. ET, Nio shares were down 4.9% on the final trading day of the week. 

Musk sent an email to his executives yesterday telling them to cut his company's workforce by 10% globally and to pause all hiring, as reported by Reuters. And Nio investors should care for several important reasons. 

Continue reading

Source Fool.com