Why Nio Stock Is Sinking This Week Ahead of a Big Event
Nio (NYSE: NIO) is having a rough ride this week, with shares of the electric vehicle (EV) maker tumbling 13.8% through the week as of 10:30 a.m. ET Friday, according to data from S&P Global Market Intelligence. Funnily enough, Nio is all set to host its annual Nio Day this weekend and has even released a teaser of a new model it'll unveil on Dec. 18.
So why the bloodbath? Blame the two Cs: China and competition.
Nio shares got the first big jolt on Monday, and the pessimism stayed put in the days that followed. It's all because Nio is based in China, and the U.S. Securities and Exchange Commission (SEC) is tightening its scrutiny on foreign stocks.
Source Fool.com
