Why Nio Stock Is Dropping Today
Shares of Chinese electric-vehicle maker Nio (NYSE: NIO) were trading lower on Monday, in the aftermath of a crash that killed a prominent Chinese entrepreneur. An initial report indicated that the victim's Nio had its hands-free driving system engaged at the time of the crash.
As of 10:30 a.m. EDT, Nio's American depositary shares were down about 6.4% from Friday's closing price.
Lin Wenquin, the 31-year-old founder of several successful Chinese restaurant chains, died after his Nio ES8 crashed in Fujian on Aug. 12. According to an obituary posted to his company's WeChat account on Saturday, Lin's Nio had been operating on "Navigation on Pilot" (NOP), a hands-free highway-driving system similar to Tesla's Autopilot.
Source Fool.com
