Why Shares of Nio Are Falling Today
After racing higher yesterday, shares of Nio (NYSE: NIO) are taking a U-turn today and heading in the other direction. Evidently, geopolitical tension and the fear of rising COVID-19 cases in China is weighing heavily on investors' minds, motivating them to shift the electric vehicle (EV) manufacturer out of their portfolios.
As of 11:26 a.m. ET, Nio's stock is down 6.8%.
The conflict between Ukraine and Russia continues to remain at the forefront of investors' attention, and they're undoubtedly paying close attention to any developments -- such as China's recently discussed position on the conflict. According to the Global Times, a publication of the Chinese Communist Party, Fan Xianrong, the Chinese ambassador to Ukraine, stated that "China will never attack Ukraine, we will help, in particular in the economic direction. We have seen how great the unity of the Ukrainian people is, and that means its strength."
Source Fool.com