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Why NIO Stock Is Moving Lower Today

TheMotleyFool

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Why NIO Stock Is Moving Lower TodayPhoto, wide shot, wide-angle lens, Automotive service center, Midday, harsh overhead sunlight, directional sunlightt, photo by Ansel Adams: https://img.midjourneyapi.xyz/temp/c8dbaa5e-abdb-40ac-b919-ed80785b056a.png

Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) were moving lower on Wednesday afternoon. The company shared some positive news -- a production milestone -- earlier in the day, but its shares were caught in a sell-off of electric-vehicle stocks that may have been driven by investor concerns about an ongoing shortage of automotive semiconductors.

As of 1:30 p.m. EDT, NIO's American depositary shares were down about 5.9% from Tuesday's closing price.

NIO CEO William Bin Li had good news and some less-good news to share at an event to commemorate the production of NIO's 100,000th vehicle on Wednesday. The good news is that NIO now has the ability to build 10,000 of its upscale vehicles per month.

Source Fool.com

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