Why Nio Shares Bounced Back Today
Shares of Chinese electric vehicle (EV) maker Nio (NYSE: NIO) have been dropping this week, even starting today's session down another 3%. But they have bounced back and are recouping some of the 7% loss that occurred over the prior two sessions. As of 12:08 p.m. ET, Nio stock was up 2.9% today.
Two things that have been weighing on Nio shares this week have been new COVID-19 restrictions in several places in China and the company's update on its response to a recent short-seller report. The report from Grizzly Research suggests Nio has been reporting sales related to its battery-as-a-service (BaaS) option that should instead be spread out over the years of the subscription.
Image source: Nio.
Source Fool.com
