Why Nio Stock Tumbled Today
On Tuesday, an analyst highlighted an "underappreciated" growth catalyst for Nio (NYSE: NIO). Just the previous day, Nio also confirmed having made progress on its growth plan for the year. Yet none of it could prevent Nio stock from tumbling on Tuesday: It dipped 6.4% in early morning trade before regaining some of its lost ground. At 1:10 p.m. ET, though, Nio stock was still down about 3%.
A rival may have just hinted at decelerating growth in Nio's largest market, and that appears to have spooked investors.
Nio, XPeng (NYSE: XPEV), and Li Auto are among the three largest electric vehicle (EV) players in China. On Tuesday, XPeng released its second-quarter numbers, and they were worrisome, to say the least.
Source Fool.com
