Why Tesla Is Bringing Nio Shares Down Today
Chinese EV maker Nio (NYSE: NIO) has a plan to expand both inside and outside of China. But a recent update on EV sales has its stock dropping today. Nio shares were down by 5.5% as of 10:45 a.m. ET on Tuesday. Investors have EV leader Tesla to thank for that.
Nio first began shipping its EVs outside of China to Norway in 2021. It then started exporting to other European countries last year as it worked to also grow sales in China. The latest data from China and Norway show that Tesla is gaining market share in both countries. That is at the expense of Nio and other smaller Chinese EV makers.
Image source: Nio.
Source Fool.com
