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Why Nio Shares Dropped Tuesday

TheMotleyFool

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Nio (NYSE: NIO) hasn't reported its second-quarter earnings yet, but the stock is taking a hit today after a competitor did. Nio shares dropped as much as 4% today, before paring those losses. As of 2:45 p.m. ET on Tuesday, the stock was still down 2.3%.

Li Auto spooked investors in Chinese electric-vehicle (EV) makers after it said yesterday that second-quarter deliveries rose 63% year over year, but didn't offer a promising third-quarter outlook. More pessimism was added yesterday, too, when China cut interest rates after the world's second-largest economy experienced slowing in July.

Source Fool.com

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