Why Nio Shares Dropped Friday
The recent visit by U.S. House Speaker Nancy Pelosi to Taiwan has angered China's leadership, and the fallout is starting to have some far-reaching implications. Chinese EV makers like Nio (NYSE: NIO) might be caught in the middle. Investors aren't waiting to find out what that might mean, though, and Nio shares continued a recent downward drift today.
What started out as a positive move in the stock this week, after Nio reported July delivery numbers, today reversed course. Its American depositary shares were down 4.3% on Friday as of 12:36 p.m. ET.
Nio has been growing its business in Western nations with sales beginning in Europe last year in Norway, and it plans to expand to other European nations throughout 2022. Just last week, the company announced a new factory in Hungary that will begin operations next month. That plant will construct power-swap stations for the European market.
Source Fool.com
