Why Nio Shares Were Moving Lower Today
Nio (NYSE: NIO) shares have been on a tear recently, soaring move than 50% in the last three weeks. One reason for that is investor excitement over new models the Chinese electric vehicle (EV) maker has launched. But shares are moving lower today, down 1.8% as of 12:15 p.m. ET.
Today's drop could just be from investors taking a break from the recent buying, as shares have just reached a level last seen in early April. But it also might be from some publicity competing China-based EV company XPeng received yesterday about its own new models coming. The Wall Street Journal highlighted XPeng's plans to launch two new models next year in an article published yesterday.
Source Fool.com