Shares of Chinese electric car maker Nio (NYSE: NIO) were tumbling this morning on seemingly no company-specific news. Instead, investors may be reacting to news from yesterday that some parts of China were experiencing a surge in COVID-19 cases.
More lockdowns in the country could once again slow the company's vehicle production as it has in the recent past. As a result, investors pushed the electric vehicle (EV) stock down 6.6% as of 10:59 a.m. ET.
CNBC reported yesterday that the number of cities in China that have implemented COVID-related restrictions has doubled. One of the areas is a province called Anhui, where Nio has a factory.
Source Fool.com