Why Is Nio Stock Dropping Today?
Shares of Chinese electric vehicle (EV) maker Nio (NYSE: NIO) have been under pressure for several reasons in recent weeks. Just since April 4, the stock has tumbled by more than 20%. That decline continued Wednesday, with Nio shares dropping 7.6% early in the session. As of 11:40 a.m. ET, the stock was down by 7.7%.
The irony of Wednesday's move is it comes a day after legendary emerging-markets investor Mark Mobius told the South China Morning Post it may be time to jump into beaten-down Chinese names.
"Obviously, the Chinese government wants the market to perform better," the 85-year-old fund manager said. "We are probably reaching the bottom or near the bottom and the market is probably going to recover."
Source Fool.com
