Why Nio Stock Crashed Today Ahead of Earnings
Nio (NYSE: NIO) stock slumped Friday morning and was trading 6% lower as of 11:45 a.m. ET.
Ironically, there's a hugely positive rumor about Nio floating around that could have driven the electric vehicle (EV) stock higher any other day. The overall market weakness and Nio's upcoming earnings report, though, seem to be making investors jittery today.
In mid-2022, CEO William Li announced big growth plans for Nio, including building in-house battery packs. Nio is now reportedly planning to build its first battery plant in a bid to reduce its reliance on third-party suppliers like CATL, according to Reuters. The report says the plant will have an annual capacity of 40 gigawatt hours, enough to power 400,000 long-range EVs.
Source Fool.com
