Shares of Chinese electric vehicle maker Nio (NYSE: NIO) plummeted Thursday. While many names in the EV sector were also dropping in the market session, Nio shares were leading the declines. As of 12:20 p.m. ET, the stock was at session lows down 7.5%. And there was some company-specific news that could help explain the move.
Chinese media outlet 36Kr reported on Thursday that a high-ranking executive for Nio's autonomous driving unit was leaving the company. But the departure of Zhang Jianyong, Nio associate vice president of autonomous driving, may actually be a career move that ends up benefiting Nio, too.
Source Fool.com