Why Nio Stock Plunged Today
Electric vehicle (EV) stock Nio (NYSE: NIO) slid at the start of the week, dropping 5.4% as of 1:10 p.m. EST on Monday. A rival's car winning top accolades right ahead of its much-awaited earnings release -- even as Nio failed to impress investors with its third-quarter numbers -- is spooking investors.
Nio grabbed the interest of EV enthusiasts after it was touted to be a second Tesla in the making. To be sure, Nio is still considered the Tesla of China, but investors now feel it may have to up its game to make a mark in the U.S. now that Lucid Group (NASDAQ: LCID) has entered the space.
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Source Fool.com
