Why Nio Stock Slumped Today
Shares of Chinese electric car company Nio (NYSE: NIO) slipped 2.8% in 2:25 p.m. ET trading Wednesday afternoon, joining in a multi-car company pileup that cost Lucid Group (NASDAQ: LCID) more than 5% and sent Rivian Automotive (NASDAQ: RIVN) crashing 18% lower.
There is one big difference among these three electric car stocks, however: Nio stock has been "range-bound" for pretty much the entire past month. In fact, if you compare the stock's price today to where it was exactly one month ago, Nio stock is up only $0.01 in price!
Compare that to Californian electric car company Lucid Group, though, whose stock has roughly doubled over the last 30 days. And compare it to Rivian, which up until investors slammed on the brakes today, hadn't suffered a single losing session since its stock IPO'ed one week ago.
Source Fool.com
