Why Nio Shares Dropped Monday Morning
Shares in many Chinese companies have been facing headwinds, as investors in U.S.-listed Chinese stocks have been facing uncertainties related to regulators in both countries. But now a new concern has also arisen, and shares are heading down once again. Electric vehicle maker Nio (NYSE: NIO) is one example of a company whose stock is being affected. Nio shares were down nearly 6% early Monday. Shares were only down 1.2% as of 11 a.m. ET, but the stock has still been down about 11% over the past five days of trading.
Chinese authorities continue to battle a new surge in COVID-19 cases, and there are concerns that Beijing may soon be facing a citywide lockdown, according to a report by The Wall Street Journal. Shanghai lockdowns have already caused supply chain issues for Nio, even with its Hefei manufacturing facility about 300 miles from the city.
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Source Fool.com
