Why NIO Stock Slid on Friday Morning
Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) were trading lower on Friday morning, after an analyst downgrade of rival Tesla (NASDAQ: TSLA) triggered an early sell-off of electric-car stocks.
As of 10:30 a.m. EDT, NIO's American depositary shares were down about 5.2% from Thursday's closing price.
Friday's sell-off wasn't triggered by bad news around NIO. In fact, there was some good news: NIO's CEO, William Bin Li, confirmed in an interview with Chinese new-business publication Cailienshe that NIO's loss narrowed in the second quarter and its gross profit margin turned positive, following a stronger-than-expected sales result.
Source Fool.com
